(2)The Assessing Officer may release the assets seized as referred to in sub-section (1) or portion of such asset to the person from whose custody the assets were seized, on an application made by the person concerned within thirty days from the end of the month in which the asset was seized, on fulfilment of the following requirements:––(a)after being satisfied on the basis of explanation furnished by such person that the nature and source of acquisition of such assets is explained;(b)after recovering any existing liability referred to in sub-section (1) out of such assets; and(c)after obtaining prior approval of the Principal Chief Commissioner or Chief Commissioner or Principal Commissioner or Commissioner.
