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APPLICATION OF SEIZED OR REQUISITIONED ASSETS - SECTION 132B

Income Tax - Search and Seizure - Procedure, Consequences and Impact - 03A - SECTION 132B - APPLICATION OF SEIZED OR REQUISITIONED ASSETS The assets seized u/s 132 or requisitioned u/s 132A may be dealt with in the following manner, namely:- The amount of existing liability under the Income-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 u/s 153A or under Chap .....

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kes an application to the Assessing Officer within thirty days from the end of the month in which the asset was seized, for release of asset and the nature and source of acquisition of any such asset. Provided further that such asset or any portion thereof as is referred to in the first proviso shall be released within a period of 120 days from the date on which the last of the authorisations for search u/s 132 or for requisition u/s 132A, as the case may be, was executed. The Central Government .....

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