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Rule 112C of Income Tax Rules 1962: Release Of Remaining Assets
Rule 112C : Release of remaining assets.
(Part XV : Miscellaneous)
Any assets or proceeds thereof which remain after the liabilities referred to in clause (i) of sub-section (1) of section 132B are discharged shall be forthwith made over or paid to the person, from whose custody the assets were seized, in the presence of two respectable witnesses.
Extra Notes for Readers:
- Rule 112C was introduced by the Income Tax (2nd Amendment) Rules, 1965
Reference/Source: Check at Income Tax site for latest version of the Rules - link