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​Applicability of Explanation 2 to Section 132B of the IT Act, 1961


 Notice Date : 12 June 2017

F. No. 279/Misc./140/2015/ITJ

Government of India

Ministry of Finance

Department of Revenue

Central Board of Direct Taxes Circular No.20/2017

New Delhi, Dated 12th June, 2017

Subject: Applicability of Explanation 2 to Section 132B of the I. T. Act, 1961- reg. -

Section 132B of the Income Tax Act 1961, provides for adjustment of seized assets/requisitioned assets against the amount of any existing liability under the Income Tax Act, 1961, (the Act), the Wealth-tax Act, 1957, the Expenditure-tax Act, 1987, the Gift-tax Act, 1958 and the Interest-tax Act, 1974, and the amount of the liability determined on completion of the assessment under section 153A of the Act 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 of the Act.

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Guest
on 12 August 2017
Circular No : 20/2017
Published in Income Tax
Source : , http://www.mbaclubindia.com/it/circular_20_2017.pdf










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