96112A. (1) Where any money, bullion, jewellery or other valuable article or thing (hereinafter referred to as assets) are seized, the 97[Assessing Officer], shall, within fifteen days of the seizure 98[, and in a case where the assets are handed over to him by the authorised officer under sub-section (9A) of section 132, within fifteen days from the date on which such assets are handed over to him], issue to the person in respect of whom inquiry under sub-section 99[(5)] of section 132 is to be made requiring him on the date to be specified therein (not being earlier than fifteen days from the date of service of such notice) either to attend at the office of the 97[Assessing Officer] to explain or to produce or cause to be there produced evidence on which such person may rely for explaining the nature of the possession and the source of the acquisition of the assets.
(2) The 97[Assessing Officer] may issue a notice to the person referred to in sub-rule (1) requiring him on a date specified therein to produce or cause to be produced at such time and at such place as the 97[Assessing Officer] may specify such accounts or documents or evidence as the 97[Assessing Officer] may require and may from time to time issue further notices requiring production of such further accounts or documents or other evidence as he may require.
(3) The 97[Assessing Officer] may examine on oath any other person or make such other inquiry as he may deem fit.
(4) Before any material gathered in the course of the examination or inquiry under sub-rule (3) is used by the 97[Assessing Officer] against the person referred to in sub-rule (1), the 97[Assessing Officer] shall give a reasonable notice to that person to show cause why such material should not be used against him.]
Create a free account to get access and start
creating something amazing right now!