(1) Procedure to be followed where any money, precious metal, jewelery or other valuable article or thing (hereinafter referred to as property) seized under section 206 is handed over to the Deputy Commissioner of Taxes as described in subsection (2)

(2) The Deputy Commissioner of Taxes shall give the person concerned a reasonable opportunity of being heard and shall, within 90 (ninety) days of the seizure of the asset, undertake the necessary inquiries as under-

(a) making an estimate of undisclosed income, including income from undisclosed property, and taking the best decision in his opinion based on the information received;

(b) computation of the amount payable, which shall be the sum of the following items, namely:-

(i) the tax and any other sum payable on the basis of the assessment referred to in clause (a); and

(ii) the amount required to meet such person defaulted for existing tax liability or deemed to be tax defaulted.

(3) For the purposes of sub-section (2), in counting the period of 90 (ninety) days, shall be excluded from any proceedings any time limit, order or injunction imposed under this section.

(4) In cases where it is not possible to determine the property seized or part thereof relates to which any income year or years for the purpose of computation of total income and tax, the Deputy Commissioner of Taxes shall, as the case may consider, assign the property or part thereof, as the case may be, to the income year of the person in respect of which the property has been seized.

(5) After completing the proceedings under sub-sections (2) and (3), the Deputy Commissioner of Taxes may, with the approval of the Commissioner, order the person concerned to pay the amount referred to in clause (b) of sub-section (2).

(6) Where the person concerned makes any payment or takes satisfactory action, the Deputy Commissioner of Taxes shall release the seized assets or take such action as he may think fit.

(7) Where no satisfactory arrangements for payment under sub-section

(2) have been made

(a) such person shall be deemed to be a taxpayer for the payment of the unpaid amount of tax; and

(b) The Deputy Commissioner of Taxes may retain in custody such amount of property seized under section 206 as is sufficient to recover the unpaid portion of the tax.

(8) If the Deputy Commissioner of Taxes is satisfied that the property seized under section 206 or any part thereof is in the possession of any person or any other person, he may take action against such person under this section and all the provisions of this section shall duly be enforceable.

(9) Any person who is required to pay the amount prescribed under sub-section (4), if he is aggrieved, may raise an objection in writing to the Commissioner of Taxes, and the Commissioner shall, after giving the applicant an opportunity of being heard, pass an appropriate order.