Income Tax Act, 2025
Section 9: The Explanation omitted by Act 28 of 2016, s. 111 (w.e.f. 12016).
9. The Explanation omitted by Act 28 of 2016, s. 111 (w.e.f. 12016).
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Provided that the 1[2[Principal Chief Commissioner or Chief Commissioner], 3[Principal
Commissioner or Commissioner], 4[Principal Director General or Director General] or 5[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 6[two years or sixty days after the date of order of assessment or reassessment, whichever is
later].]
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8[(3) Where the assessee furnishes a guarantee from a scheduled bank for an amount not less than the
fair market value of the property provisionally attached under sub-section (1), the Assessing Officer shall,
by an order in writing, revoke such attachment:
Provided that where the Assessing Officer is satisfied that a guarantee from a scheduled bank for an
amount lower than the fair market value of the property is sufficient to protect the interests of the revenue,
he may accept such guarantee and revoke the attachment.
(4) The Assessing Officer may, for the purposes of determining the value of the property
provisionally attached under sub-section (1), make a reference to the Valuation Officer referred to
in section 142A, who shall estimate the fair market value of the property in the manner provided under
that section and submit a report of the estimate to the Assessing Officer within a period of thirty days
from the date of receipt of such reference.
(5) An order revoking the provisional attachment under sub-section (3) shall be made—
(i) within forty-five days from the date of receipt of the guarantee, where a reference to the
Valuation Officer has been made under sub-section (4); or
(ii) within fifteen days from the date of receipt of guarantee in any other case.
(6) Where a notice of demand specifying a sum payable is served upon the assessee and the assessee
fails to pay that sum within the time specified in the notice of demand, the Assessing Officer may invoke
the guarantee furnished under sub-section (3), wholly or in part, to recover the amount.
(7) The Assessing Officer shall, in the interests of the revenue, invoke the bank guarantee, if the
assessee fails to renew the guarantee referred to in sub-section (3), or fails to furnish a new guarantee
from a scheduled bank for an equal amount, fifteen days before the expiry of the guarantee referred to in
sub-section (3).
(8) The amount realised by invoking the guarantee referred to in sub-section (3) shall be adjusted
against the existing demand which is payable by the assessee and the balance amount, if any, shall be
deposited in the Personal Deposit Account of the Principal Commissioner or Commissioner in the branch
of the Reserve Bank of India or the State Bank of India or of its subsidiaries or any bank as may be
appointed by the Reserve Bank of India as its agent under the provisions of sub-section (1) of section 45
of the Reserve Bank of India Act, 1934 (2 of 1934) at the place where the office of the Principal
Commissioner or Commissioner is situate.
1. Subs. by Act 26 of 1997, s. 57, for “Chief Commissioner or Commissioner” (w.e.f. 11996). Earlier “Chief
Commissioner or Commissioner” was substituted for “Commissioner” by Act 4 of 1988, s. 2 (w.e.f. 11988).
Where the assessee furnishes a guarantee from a scheduled bank for an amount not less than the
fair market value of the property provisionally attached under sub-section
The Assessing Officer may, for the purposes of determining the value of the property
provisionally attached under sub-section
An order revoking the provisional attachment under sub-section
shall be made—
within forty-five days from the date of receipt of the guarantee, where a reference to the
Valuation Officer has been made under sub-section
within fifteen days from the date of receipt of guarantee in any other case.
Where a notice of demand specifying a sum payable is served upon the assessee and the assessee
fails to pay that sum within the time specified in the notice of demand, the Assessing Officer may invoke
the guarantee furnished under sub-section
The Assessing Officer shall, in the interests of the revenue, invoke the bank guarantee, if the
assessee fails to renew the guarantee referred to in sub-section
The amount realised by invoking the guarantee referred to in sub-section
shall be adjusted
against the existing demand which is payable by the assessee and the balance amount, if any, shall be
deposited in the Personal Deposit Account of the Principal Commissioner or Commissioner in the branch
of the Reserve Bank of India or the State Bank of India or of its subsidiaries or any bank as may be
appointed by the Reserve Bank of India as its agent under the provisions of sub-section
of section 45
of the Reserve Bank of India Act, 1934 (2 of 1934) at the place where the office of the Principal
Commissioner or Commissioner is situate.
1. Subs. by Act 26 of 1997, s. 57, for “Chief Commissioner or Commissioner” (w.e.f. 11996). Earlier “Chief
Commissioner or Commissioner” was substituted for “Commissioner” by Act 4 of 1988, s. 2 (w.e.f. 11988).