119. Application of retained assets.-

119.  Application  of  retained  assets.-

(1)  Where  the  assets  retained  under  subsection  (4)  of  section  118  consist  solely  of  money,  or  partly  of  money  and partly of other assets,-

(a) the Deputy Commissioner of Taxes shall first apply such money towards  payment  of  the  amount  in  respect  of  which  the  person concerned  is  deemed  to  be  an  assessee  in  default  under  that  subsection; and thereupon such person shall be discharged of his liability to the extent of the money so applied; and

(b) where, after application of the money under clause (a), any part of the  amount  referred  to  therein  remains  unpaid,  the  Deputy Commissioner  of  Taxes  may  recover  the  amount  remaining  unpaid, by sale of such of the assets as do not consist of money in the manner movable  property  may  be  sold  by  a  Tax  Recovery  Officer  for  the recovery of tax; and for this purpose he shall have all the powers of a Tax Recovery Officer under this Ordinance.

(2)  Nothing  contained  in  sub-section  (1)  shall  preclude  the  recovery  of  the amount  referred  to  in  section  118  (4)  by  any  other  mode  provided  in  this Ordinance for the recovery of any liability of an assessee in default.

(3)  Any  assets  or  proceeds  thereof  which  remain  after  the  discharge  of  the liability in respect of the amount referred to in section 118 (4) shall forthwith be  made  over  or  paid  to  the  persons  from  whose  custody  the  assets  were seized.

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