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Release of ceased cash in search and seizure
cash has been ceased during search operation. now if search assessment has been completed and no appeal is filed then do income tax department can continue to cease the amount of bound to release the amount
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Quick Summary
These are exemplary sections to be applied.
I could not get the point
Releasing cash seized in a search:
• Sec 132B: seized assets can be applied against existing and assessed liabilities (tax, interest, penalty). The balance must be released to the person within 120 days from the date of the last authorisation for search (or after the assessment is completed and liabilities adjusted).
• If the search assessment is complete and no demand remains (or demands are adjusted), apply to the AO for release of the balance seized cash. Interest at 0.5% per month is payable on the excess retained beyond the specified period (Sec 132B(4)).
• If the AO delays, approach the PCIT or file a writ.
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