Table of Contents:
·
1.
Authority who can issue Order for Search and Seizure U/s 132:
·
2.
Basis for Search and Seizure [Section 132(1)(a), (b) and (c)]:
·
4. Power of Officer
to whom Authority is given for Search and Seizure:
·
5.
[Section 132A]- Power to Requisition Books of Account etc.
o
(1)
Requisitioning of books of account, etc. taken into custody under any other
law:
o
(2) [Rule
112D]- When can such power be invoked:
·
6.
[Section 132B]- Application of Seized or Requisitioned Assets
o
(1) [Section
132B(1)(i)]- Seized assets may be applied towards existing and future
liability:
o
(3) [Section
132B(1)(ii)]- Money seized may be applied for discharging the liabilities:
o
(4)
[Section 132B(1)(iii)]- Assets other than money may also be applied to
discharge liabilities:
o
(5) [Section
132B(3)]- Return of Excess Assets Seized:
§
Interest to be
paid at the rate of ½ % p.m. or part of the month on seized money [Section
132B(4)I:
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