TaxTMI 
TaxTMI 
Amendment of section 23
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....23, the following Explanation shall be inserted and shall be deemed to have been inserted with effect from the 1st day of November, 2016, namely:-- "Explanation.--For the removal of doubts, it is hereby clarified that nothing contained in this section shall apply and shall be deemed to have ever applied where a notice under sub-section (1) of section 24 has been issued by the Initiating Officer.....
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.... Section 24 of the said Act provides that where the Initiating Officer is of the opinion that the person in possession of the property held benami may alienate the property during the period specified in the notice, he may, with the previous approval of the Approving Authority, by order in writing, attach provisionally the property in the manner as may be prescribed, for a period not exceeding ni....
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....ued. It is also proposed to amend the said section so as to exclude the time on account of stay granted by any court from the period of time provided under sub-section (5) to refer the order passed under sub-section (4) within fifteen days from the date of attachment to the Adjudicating Authority and that if after exclusion of the period of stay if the remaining period is less than seven days, th....
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....ed new section 54A provides that the person shall pay a penalty of twenty-five thousand rupees for each failure to comply with summons under sub-section (1) of section 19; or to furnish information which he was required to furnish under section 21. Sub-section (2) of the said section provides for the authority who shall impose penalty. Sub-section (3) of the said section provides that no penalty....