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TMI BlogProvisional attachment to protect revenue in certain casesX X X X Extracts X X X X X X X X Extracts X X X X ..... or] Chief Commissioner or 10[Principal Commissioner or] Commissioner, 10[Principal Director General or] Director General or 10[Principal Director or] Director], by order in writing, attach provisionally any property belonging to the assessee in the manner provided in the Second Schedule. 11[Explanation.- ***] (2) Every such provisional attachment shall cease to have effect after the expiry of a period of six months from the date of the order made under sub-section (1) : Provided that the 5[10[Principal Chief Commissioner or] Chief Commissioner or 10[Principal Commissioner or] Commissioner, 10[Principal Director General or] Director General or 10[Principal Director or] Director] may, for reasons to be recorded in writing, extend the afore ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... date of receipt of guarantee in any other case. (6) Where a notice of demand specifying a sum payable is served upon the assessee and the assessee fails to pay that sum within the time specified in the notice of demand, the Assessing Officer may invoke the guarantee furnished under sub-section (3), wholly or in part, to recover the amount. (7) The Assessing Officer shall, in the interests of the revenue, invoke the bank guarantee, if the assessee fails to renew the guarantee referred to in subsection (3), or fails to furnish a new guarantee from a scheduled bank for an equal amount, fifteen days before the expiry of the guarantee referred to in subsection (3). (8) The amount realised by invoking the guarantee referred to in subsection ( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . 1-4-1988. 5. Substituted for "Chief Commissioner or Commissioner" by the Finance Act, 1997, w.r.e.f. 1-10-1996. Earlier "Chief Commissioner or Commissioner" was substituted for "Commissioner" by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988. 6. Inserted by the Finance Act, 1988, w.e.f. 1-4-1988. 7. Inserted vide Finance (No.2) Act, 2009, w.e.f. 1-4-1988 8. Substituted vide THE FINANCE (No. 2) ACT, 2014 w.e.f. 1st day of October, 2014. Before it was read as, "two years" 9. Omitted vide THE FINANCE (No. 2) ACT, 2014 w.e.f. 1st day of October, 2014. Before it was read as, "6[Provided further that where an application for settlement under section 245C is made, the period commencing from the dat ..... X X X X Extracts X X X X X X X X Extracts X X X X
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