Survey, Search & Seizure Income Tax Act, 1961

Instruction No: 1180 Date of Issue: 1/6/1978
1)Release of assets held as disclosed -
u/s.132(5):
order
Assets seized at the time of search as being undisclosed, are
sufficiently explained as are duly disclosed for the purposes of the I.T.
Act. Such seized assets may be retained and adjusted against the
existing tax liabilities and the balance should be released to the person
from whom the seizure was made, unless he gives his consent in
writing to its retention for adjustment against the liability which may be
determined on completion of the regular assessment or reassessment.
It is clarified that the assets held as disclosed should not be retained
against the liabilities determined under clauses (ii) and (iia) of section
132(5).
78