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Amendment of section 281B.

Clause 108 - Bills - DIRECT TAXES - FINANCE BILL, 2016 - Clause 108 - 108. In section 281B of the Income-tax Act, with effect from the 1st day of June, 2016,- (a) in sub-section (1), the Explanation shall be omitted; (b) after sub-section (2), the following sub-sections shall be inserted, namely:- (3) Where the assessee furnishes a guarantee from a scheduled bank for an amount not less than the fair market value of the property provisionally attached under sub-section (1), the Assessing Officer .....

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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 Valuation Officer has been made under sub-section (4); .....

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ew the guarantee referred to in sub-section (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 sub-section (3). (8) The amount realised by invoking the guarantee referred to in sub-section (3) shall be adjusted against the existing demand which is payable by the assessee and the balance amount, if any, shall be deposited in the Personal Deposit Account of the Principal Commissioner or Commissioner in .....

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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 .....

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section 281B provides that proceedings under sub-section (5) of section 132 shall be deemed to be proceedings for the assessment of any income or for the assessment or reassessment of any income which has escaped assessment. Sub-section (5) of section 132 stands omitted from 1st June, 2002. Therefore, it is proposed to omit the said Explanation. It is further proposed to insert new sub-sections (3) to (9) in the said section to provide that the Assessing Officer shall revoke attachment of prope .....

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