Income Tax Act, 2025
Section 13: Subs. by Act 4 of 1988, s. 2, for “Income-tax Officer” (w.e.f. 11988).
13. Subs. by Act 4 of 1988, s. 2, for “Income-tax Officer” (w.e.f. 11988).
548
1[Explanation:—For the removal of doubts, it is hereby declared that the reason to believe, as
recorded y the income-tax authority under this sub-section, shall not be disclosed to any person or any
authority or the Appellate Tribunal.]
(2) On a requisition being made under sub-section (1), the officer or authority referred to in clause (a)
or clause (b) or clause (c), as the case may be, of that sub-section shall deliver the books of account, other
documents or assets to the requisitioning officer either forthwith or when such officer or authority is of
the opinion that it is no longer necessary to retain the same in his or its custody.
(3) Where any books of account, other documents or assets have been delivered to the requisitioning
officer, the provisions of sub-sections (4A) to (14) (both inclusive) of section 132 and section 132B shall,
so far as may be, apply as if such books of account, other documents or assets had been seized under subsection (1) of section 132 by the requisitioning officer from the custody of the person referred to in clause
(a) or clause (b) or clause (c), as the case may be, of sub-section (1) of this section and as if for the words
“the authorised officer” occurring in any of the aforesaid sub-sections (4A) to (14), the words “the
requisitioning officer” were substituted.]
2[3[132B]. Application of seized or requisitioned assets.—(1) The assets seized under section
132 or requisitioned under section 132A may be dealt with in the following manner, namely:—
(i) the amount of any existing liability under this Act, the Wealth-tax Act, 1957 (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 the liability determined on completion of the assessment
4[under section 153A and the assessment of the year relevant to the previous year in which search is
initiated or requisition is made, or the amount of liability determined on completion of the assessment
under Chapter XIV-B for the block period, as the case may be] (including any penalty levied or
interest payable in connection with such assessment) and in respect of which such person is in default
or is 5[deemed to be in default, or the amount of liability arising on an application made before the
Settlement Commission under sub-section (1) of section 245C, may be recovered out of such assets]:
6[Provided that where the person concerned makes an application to the Assessing Officer within
thirty days from the end of the month in which the asset was seized, for release of asset and the nature
and source of acquisition of any such asset is explained] to the satisfaction of the Assessing Officer,
the amount of any existing liability referred to in this clause may be recovered out of such asset and
the remaining portion, if any, of the asset may be released, with the prior approval of the 7[Principal
Chief Commissioner or Chief Commissioner] or 8[Principal Commissioner or Commissioner], to the
person from whose custody the assets were seized:
Provided further that such asset or any portion thereof as is referred to in the first proviso shall be
released within a period of one hundred and twenty days from the date on which the last of the
authorisations for search under section 132 or for requisition under section 132A, as the case may be,
was executed:
On a requisition being made under sub-section
or clause
or clause
Where any books of account, other documents or assets have been delivered to the requisitioning
officer, the provisions of sub-sections
to
(both inclusive) of section 132 and section 132B shall,
so far as may be, apply as if such books of account, other documents or assets had been seized under subsection
of section 132 by the requisitioning officer from the custody of the person referred to in clause
or clause
or clause
of this section and as if for the words
“the authorised officer” occurring in any of the aforesaid sub-sections
to
The assets seized under section
132 or requisitioned under section 132A may be dealt with in the following manner, namely:—
the amount of any existing liability under this Act, the Wealth-tax Act, 1957 (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 the liability determined on completion of the assessment
4[under section 153A and the assessment of the year relevant to the previous year in which search is
initiated or requisition is made, or the amount of liability determined on completion of the assessment
under Chapter XIV-B for the block period, as the case may be] (including any penalty levied or
interest payable in connection with such assessment) and in respect of which such person is in default
or is 5[deemed to be in default, or the amount of liability arising on an application made before the
Settlement Commission under sub-section
of section 245C, may be recovered out of such assets]:
6[Provided that where the person concerned makes an application to the Assessing Officer within
thirty days from the end of the month in which the asset was seized, for release of asset and the nature
and source of acquisition of any such asset is explained] to the satisfaction of the Assessing Officer,
the amount of any existing liability referred to in this clause may be recovered out of such asset and
the remaining portion, if any, of the asset may be released, with the prior approval of the 7[Principal
Chief Commissioner or Chief Commissioner] or 8[Principal Commissioner or Commissioner], to the
person from whose custody the assets were seized:
Provided further that such asset or any portion thereof as is referred to in the first proviso shall be
released within a period of one hundred and twenty days from the date on which the last of the
authorisations for search under section 132 or for requisition under section 132A, as the case may be,
was executed: