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If any books of accounts, documents, assets found or seized belong for any other person, the concerned AO shall proceed against other person as provided u/s 153A and 153B. The assessment u/s 153C should also be completed with twenty one months originating from a end for anjing this financial year when the search was conducted like assessment u/s 153A. Clients in order to aware that different rules apply as soon as the IRS has now placed a tax lien against them.
A bankruptcy may relieve you of personal liability on a tax debt, but in many circumstances will not discharge a properly filed tax lien. After bankruptcy, cibai the government cannot chase you personally for the debt, however the lien will stay on any assets that means you will 't be able to offer these assets without satisfying the outstanding lien. - this includes your housing. Depending upon the lien and when filed, could be be other options to attack the validity of the lien.