https://www.taxtmi.com/acts?id=20494 The amendment creates a bank-guarantee route for revoking provisional attachments under section 281B: a scheduled bank guarantee not less than fair market value (or a lower amount if sufficient) will prompt the Assessing Officer to revoke attachment; the Assessing Officer may obtain a Valuation Officer report to determine fair market value and must issue the revocation order within set timelines. The provision allows invocation of the guarantee to meet unpaid demands, mandates invocation where guarantees are not renewed timely to protect revenue, requires adjustment of proceeds against demand, and provides for release when no longer needed. en-us Mon, 29 Feb 2016 17:12:40 +0530 Mon, 29 Feb 2016 17:12:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=20494 The amendment creates a bank-guarantee route for revoking provisional attachments under section 281B: a scheduled bank guarantee not less than fair market value (or a lower amount if sufficient) will prompt the Assessing Officer to revoke attachment; the Assessing Officer may obtain a Valuation Officer report to determine fair market value and must issue the revocation order within set timelines. The provision allows invocation of the guarantee to meet unpaid demands, mandates invocation where guarantees are not renewed timely to protect revenue, requires adjustment of proceeds against demand, and provides for release when no longer needed. Act-Rules Bills Mon, 29 Feb 2016 17:12:40 +0530 https://www.taxtmi.com/acts?id=20494