Application of seized or requisitioned assets.

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... e of-- (a) any existing liability under this Act, or under the Income-tax Act, 1961 (43 of 1961) or the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (22 of 2015); (b) any liability determined under this Act or under the Acts referred to in clause (a), up to the date of completion of the assessment or reassessment or recomputation in consequence to the sea .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... f the following requirements:-- (a) satisfying himself about the nature and source of acquisition of any such asset; (b) recovering any existing liability referred to in sub-section (1); (c) obtaining prior approval of the Principal Chief Commissioner or Chief Commissioner or Principal Commissioner or Commissioner. (3) The assets referred to in sub-section (2) shall be released within one h .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... r and the recovery of any liability out of such assets shall be effected in the manner as prescribed. (6) The mode of recovery of liabilities under sub-section (1) shall not preclude the recovery of liabilities aforesaid by any other mode laid down in this Act. (7) Any assets or proceeds thereof, which remain after the liabilities referred to in sub-section (1) are discharged shall be forthwith .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... the authorisations for the search under section 247 or requisition under section 248, was executed to the date of completion of the assessment or reassessment or recomputation. - Clause 250 of the Bill seeks to provide for application of seized or requisitioned assets under the provisions of the proposed legislation.
Statute, statutory provisions legislation, law, enactment, Acts, Rules, Re .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X