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of <h1>Tax Circular: Officers Must Attach Assets for Large Demands Over Rs. 1 Lakh u/s 281B to Ensure Recovery.</h1> The circular addresses the issue of recovering large tax demands, highlighting past failures due to inadequate asset identification by Assessing Officers. It mandates that for demands exceeding Rs. 5 lakh in major cities and Rs. 1 lakh elsewhere, Assessing Officers must identify and provisionally attach the assessee's assets under section 281B of the Income-tax Act during assessment proceedings. This ensures adequate asset coverage for potential recovery. In search and seizure cases, officers must also identify attachable properties. Failure to adhere to these guidelines may result in accountability for unrecovered demands. Commissioners are required to review and comment on adherence to these procedures.
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