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Section 281 of IT Act

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Querist : Anonymous

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Querist : Anonymous (Querist)
21 February 2011 Why do bankers insist for Auditors certificate for clearance u/s 281 of Income Tax Act and what are the risks a bank runs if such certificate is not obtained ?
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Anupkumar Vaishnav

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Anupkumar Vaishnav (Expert)
21 February 2011 Bankers wants this certficate as section 281 makes the mortgage void if there are un paid tax liabilities and later on mortgage is challanged by ITD by invoking section 281.
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