TaxTMI Login
Just a moment...
By creating an account you can:
Press 'Enter' to add multiple search terms. Rules for Better Search
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All TMI Notes
of of All TMI Notes
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>Clause 500 allows provisional attachment of assessee property with Competent Authority approval, follows Section 413 procedures, time-limited</h1> Clause 500 permits an Assessing Officer, with prior approval of a defined Competent Authority and by written order, to provisionally attach an assessee's property during assessment, reassessment for escaped income or penalty proceedings where likely penalties exceed Rs.2 crore; attachment follows section 413 procedures, may be released on a scheduled bank guarantee (or lesser guarantee if accepted), and is time-limited (six months, extendable up to two years or 60 days after assessment). The enacted Act and the original Bill are substantively similar; key drafting differences are the Bill's reference to valuation under section 269(3)-(8) (the Act cites (3)-(7)) and minor wording/punctuation reorderings affecting clarity but not core rights.
TaxTMI 
TaxTMI 