Bank guarantee for provisional attachment enables revocation on adequate security and permits invocation to satisfy unpaid tax demand. The amendment creates a bank-guarantee route for revoking provisional attachments under section 281B: a scheduled bank guarantee not less than fair market value (or a lower amount if sufficient) will prompt the Assessing Officer to revoke attachment; the Assessing Officer may obtain a Valuation Officer report to determine fair market value and must issue the revocation order within set timelines. The provision allows invocation of the guarantee to meet unpaid demands, mandates invocation where guarantees are not renewed timely to protect revenue, requires adjustment of proceeds against demand, and provides for release when no longer needed.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Bank guarantee for provisional attachment enables revocation on adequate security and permits invocation to satisfy unpaid tax demand.
The amendment creates a bank-guarantee route for revoking provisional attachments under section 281B: a scheduled bank guarantee not less than fair market value (or a lower amount if sufficient) will prompt the Assessing Officer to revoke attachment; the Assessing Officer may obtain a Valuation Officer report to determine fair market value and must issue the revocation order within set timelines. The provision allows invocation of the guarantee to meet unpaid demands, mandates invocation where guarantees are not renewed timely to protect revenue, requires adjustment of proceeds against demand, and provides for release when no longer needed.
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