Retention and application of seized or requisitioned assets.

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..... as "assets") seized under section 135 or requisitioned under section 136; or (b) by any other mode laid down under this Code. (2) The amount of any liability shall be the aggregate of — (a) the amount of any liability existing under this Code, the Income-tax Act, 1961, or the Wealth-tax Act, 1957, as they stood before the commencement of this Code, the Gift-tax Act, 1958, the Interest-tax Act, 19 .....

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..... lity referred to in clause (a) of sub-section (2) and release the remaining portion of the asset, if any, within a period of one hundred and twenty days from the date on which the last of the authorisations for search under section 135 was executed, to the person from whose custody the assets were seized, if — (a) an application is made by the person within a period of thirty days from the end of .....

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..... n (2) are discharged. (6) The Assessing Officer may with the prior approval of the Commissioner release any seized or requisitioned asset (other than cash) before making assessment in consequence of search or requisition, if the concerned person deposits with the Assessing Officer an amount of money equal to the value of such asset on the date of the release and the amount so deposited shall be de .....

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