47[Provisional attachment to protect revenue in certain cases.
34C. (1) Where, during the pendency of any
proceeding for the assessment of net wealth or for the assessment or reassessment
of net wealth which has escaped assessment, the 48[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 49[Chief Commissioner or Commissioner], by
order in writing, attach provisionally any property belonging to the assessee
in the manner provided in the Second Schedule to the Income-tax Act as made
applicable to this Act by section 32.
50[Explanation.—For the purposes of this sub-section, the
proceedings under sub-section (5) of section 37A shall be deemed to be
proceedings for the assessment of any net wealth or for the assessment or
reassessment of any net wealth which has escaped assessment.]
(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 49[Chief Commissioner or Commissioner] 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 two years]:
51[Provided further that where an application for settlement under
section 22C is made, the period commencing from the date on which such
application is made and ending with the date on which an order under
sub-section (1) of section 22D is made shall be excluded from the period
specified in the preceding proviso.]