9911796707
TMI BlogAmendment of section 55.X X X X Extracts X X X X X X X X Extracts X X X X ..... serted, namely:-- 'Explanation.--For the purposes of this section, "competent authority" means a Commissioner, a Director, a Principal Commissioner of Income-tax or a Principal Director of Income-tax as defined in clause (16), clause (21), clause (34B) and clause (34C), respectively, of section 2 of the Income-tax Act, 1961.'. (43 of 1961.) - Clauses 172 to 176 of the Bill seek to amend the P ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ating Officer is of the opinion that the person in possession of the property held benami may alienate the property during the period specified in the notice, he may, with the previous approval of the Approving Authority, by order in writing, attach provisionally the property in the manner as may be prescribed, for a period not exceeding ninety days from the date of issue of notice under sub-secti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to exclude the time on account of stay granted by any court from the period of time provided under sub-section (5) to refer the order passed under sub-section (4) within fifteen days from the date of attachment to the Adjudicating Authority and that if after exclusion of the period of stay if the remaining period is less than seven days, the remaining period shall be deemed to extend to seven days ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nalty of twenty-five thousand rupees for each failure to comply with summons under sub-section (1) of section 19; or to furnish information which he was required to furnish under section 21. Sub-section (2) of the said section provides for the authority who shall impose penalty. Sub-section (3) of the said section provides that no penalty shall be imposed without affording an opportunity of bein ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... at it is a true copy of the original entries and that such original entries are contained in the records or other documents in its custody. It is also proposed to amend section 55 of the said Act so as to provide that no prosecution shall be instituted against any person in respect of any offence under sections 3, 53 or section 54 without the previous sanction of the Board. It is further propose ..... X X X X Extracts X X X X X X X X Extracts X X X X
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