Benami property enforcement: provisional attachment timing, exclusion of court stay periods, new penalties and evidence rules clarified. Amendments replace 'Board' with competent authority (specified Income tax officers) in section 55 and set effective date; clarify that section 23 does not apply once a section 24(1) notice is issued (retrospective effect); revise section 24 to measure provisional attachment and order timelines from the last day of the month of notice and exclude periods of court stay (with minimum extensions); insert section 54A imposing penalties for noncompliance with summons/information and section 54B admitting entries or certified copies of authority records as evidence.
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Benami property enforcement: provisional attachment timing, exclusion of court stay periods, new penalties and evidence rules clarified.
Amendments replace "Board" with competent authority (specified Income tax officers) in section 55 and set effective date; clarify that section 23 does not apply once a section 24(1) notice is issued (retrospective effect); revise section 24 to measure provisional attachment and order timelines from the last day of the month of notice and exclude periods of court stay (with minimum extensions); insert section 54A imposing penalties for noncompliance with summons/information and section 54B admitting entries or certified copies of authority records as evidence.
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