Course of action to be followed in case of seizure of unaccounted stock held in benami names.

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..... names. In some cases, the bank accounts have also been discovered which were operated in the names of fictitious persons. Normally in such cases, attempt is made to link up these transactions with the real owners. However such an attempt is beset with many difficulties as also the uncertainties of the final outcome in appeals. Besides, this also takes a very long time and in many cases resulting i .....

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..... ly and no notice should be sent by Registered Post so that the acknowledgement/evidence of service by affixation is available. Proper formalities should be observed while serving the notice by affixation. (iv) If there is no response to the notice u/s.139(2) the assessment should be completed u/s.144 as soon as the time prescribed u/s.139(2) is over. No further opportunity should be given. In su .....

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..... d to attach/auction on the assets which have been placed under restraint or have been seized by the department. (ix)No attempt should be made to transfer the jurisdiction to any officer except one who has the normal jurisdiction. 2. The Board desires that the progress of the cases should be supervised directly by the Director of Inspection/Commissioner of Income tax having jurisdiction on the .....

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