What is Removal, concealment, transfer or delivery of property to thwart tax recovery? What is Failure to comply with the provisions of sub-sections (1) and (3) of section 178? Section 276 and 276A of Income Tax Act 1961

Removal, concealment, transfer or delivery of property to thwart tax recovery Failure to comply with the provisions of sub-sections (1) and (3) of section 178 are defined under section 276 and 276A of Income Tax Act 1961. Provisions under these Sections are:

Section 276 of Income Tax Act "Removal, concealment, transfer or delivery of property to thwart tax recovery"

Section 276. Whoever fraudulently removes, conceals, transfers or delivers to any person, any property or any interest therein, intending thereby to prevent that property or interest therein from being taken in execution of a certificate under the provisions of the Second Schedule shall be punishable with rigorous imprisonment for a term which may extend to two years and shall also be liable to fine.

 

Section 276A of Income Tax Act "Failure to comply with the provisions of sub-sections (1) and (3) of section 178"

Section 276A. If a person-

(i) fails to give the notice in accordance with sub-section (1) of section 178; or

(ii) fails to set aside the amount as required by sub-section (3) of that section; or

(iii) parts with any of the assets of the company or the properties in his hands in contravention of the provisions of the aforesaid sub-section, he shall be punishable with rigorous imprisonment for a term which may extend to two years :

Provided that in the absence of special and adequate reasons to the contrary to be recorded in the judgment of the court, such imprisonment shall not be for less than six months.

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