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of <h1>Provisional Attachment of Property Allowed During Tax Assessments Under Section 281B with Bank Guarantee Option</h1> During ongoing income assessment or penalty proceedings where the officer believes revenue protection is necessary, provisional attachment of the assessee's property may be ordered with prior approval from designated senior tax authorities. Such attachment lasts six months but can be extended up to two years or sixty days post-assessment order. The assessee may revoke attachment by furnishing a bank guarantee equal to or less than the property's fair market value, as determined by a Valuation Officer if required. Failure to pay demanded sums allows the officer to invoke the guarantee to recover dues. The guarantee must be renewed timely, or it will be invoked. Amounts recovered are adjusted against the tax demand, with any surplus deposited in a designated government account. If the guarantee is no longer needed, it must be released promptly. A scheduled bank, as defined under the Reserve Bank of India Act, must issue the guarantee.
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