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Amendment of section 281B.

Clause 108 - DIRECT TAXES - Bill - 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 shall, by an order in .....

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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); or (ii) within fifteen .....

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