9911796707
TMI BlogAmendment of section 281B.X X X X Extracts X X X X X X X X Extracts X X X X ..... of the property is sufficient to protect the interests of the revenue, he may accept such guarantee and revoke the attachment. (4) The Assessing Officer may, for the purposes of determining the value of the property provisionally attached under sub-section (1), make a reference to the Valuation Officer referred to in section 142A, who shall estimate the fair market value of the property in the manner provided under that section and submit a report of the estimate to the Assessing Officer within a period of thirty days from the date of receipt of such reference. (5) An order revoking the provisional attachment under sub-section (3) shall be made- (i) within forty-five days from the date of receipt of the guarantee, where a reference to the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on (3) is not required anymore to protect the interests of the revenue, he shall release that guarantee forthwith. Explanation.-For the purposes of this section, the expression scheduled bank shall mean a bank included in the Second Schedule to the Reserve Bank of India Act, 1934 (2 of 1934). - Clause 108 of the Bill seeks to amend section 281B of the Income-tax Act relating to provisional attachment to protect revenue in certain cases. The aforesaid section provides that the Assessing Officer has the power to provisionally attach any property of the assessee during the pendency of assessment or reassessment proceedings, for a period of six months, with the prior approval of the income-tax authorities specified therein, if he is of the opin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cer within fifteen days of receipt of such guarantee, and in a case where a reference is made to the Valuation Officer, within forty-five days from the date of receipt of such guarantee. It is also proposed that where a notice of demand specifying a sum payable is served upon the assessee and the assessee fails to pay such sum within the time specified in the notice, the Assessing Officer may invoke the bank guarantee, wholly or partly, to recover the said amount. If the assessee fails to renew the bank guarantee furnished under sub-section (3) or fails to furnish a fresh guarantee from a scheduled bank for an equal amount, fifteen days before the expiry of such guarantee, the Assessing Officer shall, if it is necessary to do so to protect ..... X X X X Extracts X X X X X X X X Extracts X X X X
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