TaxTMI 
TaxTMI 
Amendment of the Second Schedule
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....4) for rule 8, the 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 bal....
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.... receipt of the certificate in the office of the Tax Recovery Officer", the words "the drawing up of the certificate by the Tax 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....
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.... section 222 before such amendment shall be deemed to be a certificate drawn up by the Tax Recovery Officer under that section after such amendment, and, if any difficulty arises in continuing the said proceedings, 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 receive....
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.... 6. Omitted vide Section 95 of the Direct Tax Laws (Amendment) Act, 1989 w.e.f. 01-04-1989 before it was read as, "(11) in rule 47, for the words "direct that such coins or notes, or a part thereof sufficient to satisfy the certificate, be paid over to the 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),....