Provisional attachment to protect revenue in certain cases

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....f Commissioner or] Chief Commissioner or  10A[Principal Commissioner or] Commissioner, 10B[Principal Director General or] Director General or 10C[Principal Director or] Director], by order in writing, attach provisionally any property belonging to the assessee in the manner provided in the Second Schedule. Explanation.- 11[****] (2) Every such provisional attachment shall cease to have effect after the expiry of a period of six months from the date of the order made under sub-section (1) : Provided that the 5[10D[Principal Chief Commissioner or] Chief Commissioner or 10E[Principal Commissioner or] Commissioner, 10F[Principal Director General or] Director General or 10G[Principal Director or] Director] may, for reasons....

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....n (4); or (ii) within fifteen days from the date of receipt of guarantee in any other case. (6) Where a notice of demand specifying a sum payable is served upon the assessee and the assessee fails to pay that sum within the time specified in the notice of demand, the Assessing Officer may invoke the guarantee furnished under sub-section (3), wholly or in part, to recover the amount. (7) The Assessing Officer shall, in the interests of the revenue, invoke the bank guarantee, if the assessee fails to renew the guarantee referred to in sub-section (3), or fails to furnish a new guarantee from a scheduled bank for an equal amount, fifteen days before the expiry of the guarantee referred to in sub-section (3). (8) The amount realised by inv....

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....t) Act, 1987 w.e.f. 01-04-1988 before it was read as, "Commissioner" 4. Inserted vide Section 49 of the Finance Act, 1988 w.e.f. 01-04-1988 5. Substituted vide Section 57 of the Finance Act, 1997 w.e.f. 01-10-1996 before it was read as, "Chief Commissioner or Commissioner" Earlier, Substituted vide Section 2 of the Direct Tax Laws (Amendment) Act, 1987 w.e.f. 01-04-1988 before it was read as, "Commissioner" 6. Inserted vide Section 49 of the Finance Act, 1988 w.e.f. 01-04-1988 7. Inserted vide Section 76 of the Finance (No.2) Act, 2009 w.e.f. 01-04-1988 8. Substituted vide Section 75 of the Finance (No. 2) Act, 2014 w.e.f. 01-10-2014 before it was read as, "two years" 9. Omitted vide Sect....