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of <h1>Clause 108 of Finance Bill 2016 amends Section 281B, allowing property attachment revocation with a bank guarantee.</h1> Clause 108 of the Finance Bill, 2016 amends section 281B of the Income-tax Act, effective June 1, 2016. It allows the Assessing Officer to revoke the provisional attachment of an assessee's property if a scheduled bank guarantee covering at least the property's fair market value is provided. The Officer may consult a Valuation Officer to estimate the property's value. The amendment specifies timelines for revoking attachments and conditions under which the bank guarantee can be invoked to recover unpaid taxes. If the guarantee is deemed unnecessary, it must be released. These provisions aim to protect revenue interests during assessment proceedings.
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