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Amendment of section 281B.

Section 111 - Act - DIRECT TAXES - Finance Act - Section 111 - 111. 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 .....

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by an order in writing, revoke such attachment: Provided that where the Assessing Officer is satisfied that a guarantee from a scheduled bank for an amount lower than the fair market value of the property is sufficient to protect the interests of the .....

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d 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 refe .....

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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, .....

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guarantee referred to in subsection (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 subsection (3). (8) The amount realised by invoking the guarantee r .....

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