9911796707
TMI Blog2025 (2) TMI 1042X X X X Extracts X X X X X X X X Extracts X X X X ..... emnor is that the amount which was attached by the respondent has been erroneously directed to be refunded to the petitioner along with payment of interest @ 6% p.a. from the date of seizure till its realization within six weeks thereof. 3. Learned counsel for the applicant/respondent/contemnor has invited the attention of this Court to the provision of Section 132B of the Income Tax Act, 1961, which reads as follows:- "[132B]. Application of seized or requisitioned assets.-(1) The assets seized under section 132 or requisitioned under section 132A may be dealt with in the following manner, namely:- (i) the amount of any existing liability under this Act, the Wealth-tax Act, 1957 (27 of 1957), the Expenditure-tax Act, 1987 (35 of 1987) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rst proviso shall be released within a period of one hundred and twenty days from the date on which the last of the authorisations for search under section 132 or for requisition under section 132A, as the case may be, was executed: (ii) if the assets consist solely of money, or partly of money and partly of other assets, the Assessing Officer may apply such money in the discharge of the liabilities referred to in clause (i) and the assessee shall be discharged of such liability to the extent of the money so applied; (iii) the assets other than money may also be applied for the discharge of any such liability referred to in clause (i) as remains undischarged and for this purpose such assets shall be deemed to be under distraint as if su ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Such interest shall run from the date immediately following the expiry of the period of one hundred and twenty days from the date on which the last of the authorisations for search under section 132 or requisition under section 132A was executed to the date of completion of the assessment 4 [under section 153A or under Chapter XIVB]. [Explanation 1.]-In this section,- (i) "block period" shall have the meaning assigned to it in clause (a) of section 158B; (ii) "execution of an authorisation for search or requisition" shall have the same meaning as assigned to it in Explanation 2 to section 158BE.] [Explanation 2.-For the removal of doubts, it is hereby declared that the "existing liability" does not include advance tax payable in acc ..... X X X X Extracts X X X X X X X X Extracts X X X X
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