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TMI BlogSearch and Seizure Cases-Release of Seized Assets other than CashX X X X Extracts X X X X X X X X Extracts X X X X ..... Commissioners of Income Tax (Central) All Directors General of income Tax (Inv./Intell.) Sir/Madam, Sub : Search and Seizure Cases-Release of Seized Assets other than Cash Reference is invited to Board's instruction No. 11/2006 in F.No. 286/138/2006-IT (Inv II) dated 1.12.2006 wherein certain issues relating to the release of cash deposits in the PD Accounts were dealt with. In respect of re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rements contained in sub- section (1) of section 132B of the Income Tax Act (hereinafter called the 'Act'). (b) Where the seized asset are not released under sub-section (1) of section 132B of the Act, such seized assets should be released within one month of passing of the last search and seizure assessment orders u/s 153A/153C, 143(3), 148 or 158BC/158BD of the Act the seized assets should be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d be reviewed at the time of giving effect to the order of the CIT (Appeals) only that part of the seized assets should be retained which is sufficient to meet the demand outstanding against the assesse for any assessment year (including non-search assessment years) after giving effect to order of the CIT(A) and the expected amount of penalty imposable on the search assessments as revised after ap ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lacement of seized assets with cash also makes it easier for the Department to adjust this cash against tax liability. Hence, it has been decided that the seized assets can also be released at any time, with the approval of the CIT or CCIT provided that: (i) the assessee accepts unconditionally the ownership of the seized assets and also the valuation of the seized assets, determined at the time ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... prosecution proceedings such seized assets will not be released, till the settlement of the dispute or finalization of such assessment or penalty or prosecution proceedings, whichever is later 4. All DGsIT/CCslT/CslT should review the status of seized assets lying with the department in view of the guidelines mentioned above. It may be noted that any violation in this regard shall be viewed serio ..... X X X X Extracts X X X X X X X X Extracts X X X X
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