Prior permission to create charge on assets requires specified application, payment or indemnity, and strict AO timelines. Taxpayers must file a prescribed application at least thirty days before transferring assets or creating a charge; permission is granted where no demand or no likelihood of demand exists, where undisputed demand is paid with interest, or where disputed demand is stayed and indemnified by bank guarantee, sufficient assets, or by Department retaining first charge. Range head approval is required for transactions with asset value or charge amount of ten crores or more. Assessing Officers must adhere to specified ten- and fifteen-working-day timelines. Permission validity is 180 days or until service of an attachment order.
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.
Prior permission to create charge on assets requires specified application, payment or indemnity, and strict AO timelines.
Taxpayers must file a prescribed application at least thirty days before transferring assets or creating a charge; permission is granted where no demand or no likelihood of demand exists, where undisputed demand is paid with interest, or where disputed demand is stayed and indemnified by bank guarantee, sufficient assets, or by Department retaining first charge. Range head approval is required for transactions with asset value or charge amount of ten crores or more. Assessing Officers must adhere to specified ten- and fifteen-working-day timelines. Permission validity is 180 days or until service of an attachment order.
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