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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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or (ii) within fifteen days from the 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 ren .....

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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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rty made under sub-section (1) in a case where the assessee furnishes a bank guarantee from a scheduled bank, for an amount not less than the fair market value of such provisionally attached property or for an amount lower than the fair market value of the property which is sufficient to protect the interests of the revenue. It is also proposed that the Assessing Officer may, make a reference to the Valuation Officer, who may be required to submit the report of the estimate of the property to th .....

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he amount realised by invoking the bank guarantee shall be adjusted against the existing demand which is payable and the balance amount, if any, be deposited in the Personal Deposit Account of the Principal Commissioner or Commissioner in the branch of Reserve Bank of India or the State Bank of India or of its subsidiaries or any bank as may be appointed by the Reserve Bank of India as its agent under the provisions of subsection (1) of section 45 of the Reserve Bank of India Act, 1934 at the pl .....

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