Release of seized promissory notes requires deposit or irrevocable bank guarantee and a certified true copy retained. Seized promissory notes may be released to the assessee provided the assessee deposits an equivalent amount in the P.D. Account (installments allowed) or furnishes an appropriate irrevocable bank guarantee, with cash deposit preferred, and a certified true copy of each promissory note is maintained, signed and acknowledged by the assessee in the prescribed proforma.
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.
Release of seized promissory notes requires deposit or irrevocable bank guarantee and a certified true copy retained.
Seized promissory notes may be released to the assessee provided the assessee deposits an equivalent amount in the P.D. Account (installments allowed) or furnishes an appropriate irrevocable bank guarantee, with cash deposit preferred, and a certified true copy of each promissory note is maintained, signed and acknowledged by the assessee in the prescribed proforma.
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