Application of seized or requisitioned assets

The amount of any outstanding debt owed under this Act, the amount determined upon completion of the assessment made pursuant to section 153A, the amount determined upon completion of the assessment made pursuant to section 153B, or the amount determined upon completion of the assessment made pursuant to section 153C, as applicable (including any penalty imposed or interest payable in connection with such assessment), and the amount for which such person is liable.

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The amount of any established liability referred to in this clause may be regained out of such asset, and the remaining amount, if any, of the asset may be released, with the condition that the person concerned makes an implementation to the Assessing Officer within thirty days of the end of the month in which the asset was seized for asset release and the nature and source of acquiring of any such asset is explained to the Evaluating Officer's satisfaction.

Furthermore, any asset, or any portion thereof, as is mentioned in the first proviso, shall be surrendered within a period of 120 days following the execution of the final search warrant issued under Section 132 or requisition issued under Section 132A, as applicable. The Assessing Officer may use the money in the discharge of the obligations mentioned in a clause if the assets are entirely made up of money, or partly made up of money and partly made up of other assets. The assessee would be relieved of such liability to the extent of the money thus applied. Here is news about 80g donation limit.

In addition, assets other than money may be used to satisfy any liability mentioned in a clause that has not yet been satisfied. For this purpose, assets other than money shall be deemed to be under distraint as if such distraint had been executed by the Assessing Officer or, as applicable, the Tax Recovery Officer, with authorization from the Principal Chief Commissioner in accordance with section 226. The Assessing Officer or, as applicable, the Tax Recovery Officer may recover the unpaid debt.

Nothing in the aforementioned sub-section shall prevent the recovery of the aforementioned amount of obligations using any other method specified in this Act. Any assets or revenues thereof that are left over after the obligations mentioned in a clause of the foregoing subsection are satisfied must be immediately turned over to or reimbursed to the individuals whose custody the assets were taken.

Make sure to register on section 12a of income tax act.