https://www.taxtmi.com/caselaws?id=765506 Section 281B of the Income-tax Act permits provisional attachment of "any property" belonging to an assessee to protect revenue interests, and that expression includes money held in bank accounts. Bank deposits may therefore be attached, subject to the measure being directed to protecting the revenue and commensurate with the probable tax demand. Security furnished before a Magistrate in criminal proceedings for interim custody does not secure a tax demand and cannot substitute for revenue protection under the Act. Where assessment is complete and an appeal is pending, objections to the earlier approval or recorded satisfaction for attachment may lack practical significance. en-us Mon, 27 Jan 2025 00:00:00 +0530 Sat, 01 Feb 2025 08:41:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=765506 Section 281B of the Income-tax Act permits provisional attachment of "any property" belonging to an assessee to protect revenue interests, and that expression includes money held in bank accounts. Bank deposits may therefore be attached, subject to the measure being directed to protecting the revenue and commensurate with the probable tax demand. Security furnished before a Magistrate in criminal proceedings for interim custody does not secure a tax demand and cannot substitute for revenue protection under the Act. Where assessment is complete and an appeal is pending, objections to the earlier approval or recorded satisfaction for attachment may lack practical significance. Case-Laws Income Tax Mon, 27 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=765506