Income-tax Act, 1961
Section - 132B - Application of seized or requisitioned assets
Application of seized or requisitioned assets.132B. (1) The assets seized under section 132 or requisitioned under section 132A may be dealt with in the following manner, namely:-
| (i) | - | the amount of any existing liability under this Act, the Wealth-tax Act, 1957 (27 of 1957), the Expenditure-tax Act, 1987 (35 of 1987), the Gift-tax Act, 1958 (18 of 1958) 79a[the Interest-tax Act, 1974 (45 of 1974) and the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (22 of 2015)], and the amount of the liability determined on completion of the assessment or reassessment or recomputation and the assessment of the year relevant to the previous year in which search is initiated or requisition is made, or the amount of liability determined on completion of the assessment under Chapter XIV-B for the block period, as the case may be (including any penalty levied or interest payable in connection with such assessment) and in respect of which such person is in default or is deemed to be in default, or the amount of liability arising on an application made before the Settlement Commission under sub-section (1) of section 245C, may be recovered out of such assets : |
| - | Provided that where the person concerned makes an application to the Assessing Officer within thirty days .... To read the full section download the app from Google Play store
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