Section 281B Provisional attachment to protect revenue in certain cases.

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The Tax Publishers [1][281B.[2] Provisional attachment to protect revenue in certain cases. (1) Where, during the pendency of any proceeding for the assessment of any income or for the assessment or reassessment of any income which has escaped assessment [3][or for imposition of penalty under Section 271AAD where the amount or aggregate of amounts of penalty likely to be imposed under the said section exceeds two crore rupees], the [4][Assessing] Officer is of the opinion that for the purpose of protecting the interests of the revenue it is necessary so to do, he may, with the previous approval of the [5][[6][Principal Chief Commissioner or Chief Commissioner],[7][Principal Commissioner or Commissioner], [8][Principal Director General or Director General] or [9][Principal Director or Director]], by order in writing, attach provisionally any property belonging to the assessee in the manner provided in the Second Schedule. [10][* * * * ] (2) Every such provisional attachment shall cease to have effect after the expiry of a period of six months from the date of the order made under sub-section (1) : Provided* that the [11][[12][Principal Chief Commissioner or Chief Commissioner], [13][Principal Commissioner or Commissioner], [14][Principal Director General or Director General] or [15][Principal Director or Director]] may, for reasons to be recorded in writing, extend the aforesaid period by such further period or periods as he thinks fit, so, however, that the total period of extension shall not in any case exceed [16][two years or sixty days after the date of order of assessment or reassessment, whichever is later] : SUBSCRIBE FOR FULL CONTENT

The Tax Publishers

[1][281B.[2] Provisional attachment to protect revenue in certain cases.

(1) Where, during the pendency of any proceeding for the assessment of any income or for the assessment or reassessment of any income which has escaped assessment [3][or for imposition of penalty under Section 271AAD where the amount or aggregate of amounts of penalty likely to be imposed under the said section exceeds two crore rupees], the [4][Assessing] Officer is of the opinion that for the purpose of protecting the interests of the revenue it is necessary so to do, he may, with the previous approval of the [5][[6][Principal Chief Commissioner or Chief Commissioner],[7][Principal Commissioner or Commissioner], [8][Principal Director General or Director General] or [9][Principal Director or Director]], by order in writing, attach provisionally any property belonging to the assessee in the manner provided in the Second Schedule.

[10][* * * * *]

(2) Every such provisional attachment shall cease to have effect after the expiry of a period of six months from the date of the order made under sub-section (1) :

Provided that the [11][[12][Principal Chief Commissioner or Chief Commissioner], [13][Principal Commissioner or Commissioner], [14][Principal Director General or Director General] or [15][Principal Director or Director]] may, for reasons to be recorded in writing, extend the aforesaid period by such further period or periods as he thinks fit, so, however, that the total period of extension shall not in any case exceed [16][two years or sixty days after the date of order of assessment or reassessment, whichever is later] :