Adjusting liability under Black Money Act, 2015 against seized assets (TAX ADMINISTRATION)

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..... (27 of 1957), the Expenditure-tax Act, 1987 (35 of 1987) , the Gift-tax Act, 1958 (18 of 1958) and the Interest-tax Act, 1974 (45 of 1974) , and the amount of liability determined on completion of the assessment or reassessment in consequence of search or requisition, may be recovered from the taxpayer out of the seized assets under section 132 or requisitioned under section 132 . 2. Further, Blac .....

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..... Tax Act, 2015. 4. In view of the above, it is proposed to insert the reference of Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 in the section 132B of the Income-tax Act, 1961 so as to recover the existing liabilities under Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 , out of seized assets. 5. This amendment will take ef .....

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