Review of release of seized assets - Income Tax - F.No. 286/67/2006-IT(Inv.II)

F.No. 286/67/2006-IT(Inv.II) Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, the 7th April, 2006 To All the chief Commissioners of Income Tax (Central) Sub : Review of release of seized assets Sir, The Board has been receiving requests for release of seized assets in an increasing number of cases. The Board received references from VIPs as well in this regard. It has been noticed that in certain cases, assets seized about 20 years back have not been released. The interest for non payment of tax has been levied in spite of cash being available for appropriation in terms of sub-section(1), read with sub-section (3) of Section 132B of the IT Act, 1961, 2. It has, therefore, been decided to carry out a Review of cases where assets seized during the search seizure operation or requisitioned u/s 132(1 A) have not yet been released to the assesses or otherwise not dealt with, and are still in the department s custody. 3. I am, therefore, directed to request you to carry out a Review of seized assets under your supervision, and furnish a report in respect of seized assets not yet released in respect of searches conducted up to 1.4.2002, in the format enclosed at Annexure-I. 4. The desired report may be sent to the Board in three stages, the first in respect of searches conducted up to 1st April, 1990 by 20th April, 2006. The period from 1.4.1990 to 31.3.1985 by 30th April 2006 and the third for the period from 1.4.1995 to 31.3.2002 by 15th May, 2006. In respect of searches conducted after 31.3.2000, necessary information have to be included in the quarterly report being prescribed separately. The DGslT(Inv.) may kindly ensure that the above schedule is strictly maintained. Yours faithfully (Vijay Kumar) Director(Inv.II/IIl) ANNEXURE-I PROFORMA FOR REVIEW OF RELEASE OF SEIZED ASSETS S. No. Name of group Date of search Seizure (Rs. in Lakh) Release of assets, if any Cash Jewelry Other assets Total Date of release of cash from PD A/c Date of release of jewelry Date of release of cash from other assets If not released reasons thereof 1 2 3 4 5 6 7 8 9 10 11