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Section 281B Amended: Assessing Officer Can Invoke Bank Guarantee if Taxpayer Fails to Renew or Provide New One.

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....Amendment of section 281B. - Attachment of property - If the assessee fails to renew the bank guarantee furnished under sub-section (3) or fails to furnish a fresh guarantee from a scheduled bank for an equal amount, fifteen days before the expiry of such guarantee, the Assessing Officer shall, if it is necessary to do so to protect the interest of the revenue, invoke the bank guarantee.....

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Section 281B Amended: Assessing Officer Can Invoke Bank Guarantee if Taxpayer Fails to Renew or Provide New One.