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. 286/247/98_IT(Inv. –<br />
II)2nd Feb., 1999<br />
Release of assets disclosed in regular books of accounts maintained by<br />
asssessee.<br />
1. Such Seized assets could be released subject of course to recovery<br />
action by the department against existing arrears.<br />
2. In case of seizure of perishable goods and jewellery could be use<br />
for personal use – If unconditional irrevocable bank guarantee to the<br />
full extent of the value of the seized assets is given, the asserts<br />
could be released to that extent. The valuation shall be done by the<br />
<strong>Income</strong> <strong>Tax</strong> Department and the guarantee should be clear and<br />
unequivocal.<br />
3. The bank guarantee should be valid till the relevant assessment<br />
proceedings are complete and taxes are collected.<br />
4. If the seized assets have specific evidentiary value in prosecution<br />
the assets will not be released till the completion of prosecution<br />
proceedings.<br />
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