Download eBook on Survey, Search & Seizure under ... - TaxGuru

| 78 | Voice of CARule 112 A, Inquiry under section 132.(1) Where any money, bullion, jewellery or other valuable article or thing(hereinafter referred to as assets) are seized, the [Assessing Officer],shall, within fifteen days of the seizure [, and in a case where the assetsare handed over to him by the authorised officer under sub-section(9A) of section 132, within fifteen days from the date on which suchassets are handed over to him], issue to the person in respect of whominquiry under sub-section [(5)] of section 132 is to be made requiringhim on the date to be specified therein (not being earlier than fifteendays from the date of service of such notice) either to attend at the officeof the [Assessing Officer] to explain or to produce or cause to be thereproduced evidence on which such person may rely for explaining thenature of the possession and the source of the acquisition of the assets.(2) The [Assessing Officer] may issue a notice to the person referred to insub-rule (1) requiring him on a date specified therein to produce orcause to be produced at such time and at such place as the [AssessingOfficer] may specify such accounts or documents or evidence asthe [Assessing Officer] may require and may from time to time issuefurther notices requiring production of such further accounts ordocuments or other evidence as he may require.(3) The [Assessing Officer] may examine on oath any other person or makesuch other inquiry as he may deem fit.(4) Before any material gathered in the course of the examination orinquiry under sub-rule (3) is used by the [Assessing Officer] againstthe person referred to in sub-rule (1), the [Assessing Officer] shall givea reasonable notice to that person to show cause why such materialshould not be used against him.]Rule 112B, Release of articles under section 132(5)Where in pursuance of sub-section [(5)] of section 132 of the Act, the assetsor part thereof have to be released, the [Assessing Officer] shall forthwithdeliver the same to the person from whose custody they were seized in thepresence of two respectable witnesses.]Rule 112C, Release of remaining assets.Any assets or proceeds thereof which remain after the liabilities referredto in clause (i) of sub-section (1) of section 132B are discharged shall be