(1)Where any money, bullion, jewellery or other valuable article or thing (hereinafter referred to as assets) are seized, the Assessing Officer, shall, within fifteen days of the seizure , 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 (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 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.
