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Rule 112B of Income Tax Rules 1962: Release of Articles under Section 132(5)
Rule 112B : Release of articles under section 132(5)
(Part XV : Miscellaneous)
Where in pursuance of sub-section (5) of section 132 of the Act, the assets or part thereof have to be released, the Assessing Officer shall forthwith deliver the same to the person from whose custody they were seized in the presence of two respectable witnesses.
Extra Notes for Readers:
- Rule 112B was introduced by the Income Tax (2nd Amendment) Rules, 1965
Reference/Source: Check at Income Tax site for latest version of the Rules - link