Bank guarantee for provisional attachment enables revocation if sufficient, with valuation reference and enforceable invocation. Where an assessee furnishes a guarantee from a scheduled bank for an amount at least equal to the fair market value of property provisionally attached under section 281B, the Assessing Officer shall revoke the attachment; the AO may accept a lower guarantee if sufficient. The AO may refer valuation to the Valuation Officer under section 142A for a fair market value estimate. The AO may invoke the guarantee to recover unpaid demand, must invoke it if not renewed before expiry, and must adjust proceeds against the demand with any surplus deposited in the Principal Commissioner/Commissioner's Personal Deposit Account. The AO may release the guarantee when no longer required.
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 if sufficient, with valuation reference and enforceable invocation.
Where an assessee furnishes a guarantee from a scheduled bank for an amount at least equal to the fair market value of property provisionally attached under section 281B, the Assessing Officer shall revoke the attachment; the AO may accept a lower guarantee if sufficient. The AO may refer valuation to the Valuation Officer under section 142A for a fair market value estimate. The AO may invoke the guarantee to recover unpaid demand, must invoke it if not renewed before expiry, and must adjust proceeds against the demand with any surplus deposited in the Principal Commissioner/Commissioner's Personal Deposit Account. The AO may release the guarantee when no longer required.
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