Survey, Search & Seizure Income Tax Act, 1961
Survey, Search & Seizure Income Tax Act, 1961
Survey, Search & Seizure Income Tax Act, 1961
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Instruction No.11 of 2006, DT. Ist Dec., 2006<br />
Instruction regarding release of cash deposit in the PD Account :-<br />
a) That where application filed u/s 132 B(1)(I) for release of seized cash, the cash seized<br />
should be released with in time limit provided after adjustment against existing liability.<br />
b) If If the cash is not released under first proviso of S. 132B(1)(I), the amount should be<br />
released with in one month of passing the search & seizure order after.<br />
- adjustment of existing liability determined.<br />
- if if penalty initiated, balance to meet the penalty amount imposable.<br />
c) If If the assessment order passed is a subject matter of appeal before CIT(A) the amount<br />
should be released with in one month of passing the order u/s 250 after.<br />
- adjustment of liability determined at that time.<br />
- balance to meet the expected amount of penalty imposable<br />
d) The amount retained to meet out the penalty imposable should be released with in one<br />
month of passing the penalty order.<br />
e) If If any cash is seized before issue of this instruction and cash in PD account has not been<br />
dealt with or partly dealt, such cash should be released with in one month of this<br />
71<br />
Instruction following the manner indicated there in.
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