TaxTMI 
TaxTMI 
TaxTMI 
Amendment of the Second Schedule
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....following rule shall be substituted, namely :- "8. Disposal of proceeds of execution. (1) Whenever assets are realised by sale or otherwise in execution of a certificate, the proceeds shall be disposed of in the following manner, namely :- (a) they shall first be adjusted towards the amount due under the certificate in execution of which the assets were realised and the costs inured in the course of such execution; (b) if there remains a balance after the adjustment referred to in clause (a), the same shall be utilised for satisfaction of any other amount recoverable from the assessee under this Act which may be due on the date on which the assets were realised; and (c) the balance, if any, remaining after the adjustments under cl....
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.... Recovery Officer" shall be substituted; (16) 9[****] (17) in rule 77, in sub-rule (1),- (a) for clause (ii) of the proviso, the following clause shall be substituted, namely :- "(ii) on the request of the Tax Recovery Officer on any ground other than the grounds mentioned in rules 78 and 79."; (b) the second proviso shall be omitted; (18) in rules 82, 83 and 87, for the words "Tax Recovery Commissioner", the words "Chief Commissioner or Commissioner" shall be substituted; (19) 10[****] (20) in rule 86,- (a) for sub-rule (1), the following sub-rule shall be substituted, namely :- "(1) An appeal from any original order passed by the Tax Recovery Officer under this Schedule, not being an order which is conclusive, sha....
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....s, the Board may issue (whether by way of modification, not affecting the substance, of any rule in this Schedule or otherwise) general or special orders which appear to it to be necessary or expedient for the purpose of removing the difficulty.". *************** NOTES:- 1. Omitted vide Section 95 of the Direct Tax Laws (Amendment) Act, 1989 w.e.f. 01-04-1989 before it was read as, "(3) in rule 2, for the words "When a certificate has been received by the Tax Recovery Officer from the Income-tax Officer", the words "When a certificate has been drawn up by the Tax Recovery Officer" shall be substituted;" 2. Omitted vide Section 95 of the Direct Tax Laws (Am....
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....e Income-tax Officer, the words and figure "direct that such coins or notes shall be credited to the Central Government and the amount so credited shall be dealt with in the manner specified in rule 8" shall be substituted;" 7. Omitted vide Section 95 of the Direct Tax Laws (Amendment) Act, 1989 w.e.f. 01-04-1989 before it was read as, "(13) in rule 60, in sub-rule (1), in clause (a), the words "for payment to the Income-tax Officer" shall be omitted;" 8. Omitted vide Section 95 of the Direct Tax Laws (Amendment) Act, 1989 w.e.f. 01-04-1989 before it was read as, "(14) in rule 61, for the words "Income-tax Officer", the words "such Income-tax Officer as may ....