01 March 2024
When an assessee in India gives away or creates a charge on their business assets, they need to obtain prior permission and a certificate from an Assessing Officer. This is a precedent set under Section 281 of the Income Tax Act.
1. The taxpayers should apply in the prescribed form annexed hereto titled “Application u/s 281 of the IT Act, 1961″ which would be available on the departmental website, as well as with the Assessing Officers. 2. The taxpayer would have to file the form at least thirty days prior to the proposed date of transaction.
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