Application of seized or requisitioned assets - Section 132B

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..... come-tax Act, the Wealth-tax Act and the Gift-tax Act. ( existing liability shall not include advance tax.) and the amount of liability determined on completion of assessment or reassessment or re-computation or under Chapter XIV B for the block period and the assessment of the assessment year relevant to the previous year in which search is initiated or requisition is made (including any pe .....

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..... on u/s 132A , as the case may be, was executed. Interest to be paid on seized money :- The Central Government shall pay simple interest @ 0.5% for every month or part of a month on the amount by which the aggregate amount of money seized u/s 132 and 132A , as reduced by the amount of money released under the first proviso to section 132B(1)(i) and aggregate of the amount required to me .....

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