https://www.taxtmi.com/circulars?id=8955 Where a guarantor has agreed an on demand obligation co extensive with the principal debtor's liability, the Income tax Officer must make a statutory demand; after such demand the guarantor is treated as an assessee, and if he fails to pay the Income tax Officer may initiate recovery under the Second Schedule as if the guarantor were the defaulter, with the Tax Recovery Officer empowered to take coercive measures under the guarantee bond. en-us Thu, 26 Feb 1976 00:00:00 +0530 Wed, 01 Jun 2011 13:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=8955 Where a guarantor has agreed an on demand obligation co extensive with the principal debtor's liability, the Income tax Officer must make a statutory demand; after such demand the guarantor is treated as an assessee, and if he fails to pay the Income tax Officer may initiate recovery under the Second Schedule as if the guarantor were the defaulter, with the Tax Recovery Officer empowered to take coercive measures under the guarantee bond. Circulars Income Tax Thu, 26 Feb 1976 00:00:00 +0530 https://www.taxtmi.com/circulars?id=8955