Page 58 - Union Budget_2019

Union Budget 2019

However, no exclusion is provided for the period during which the proceedings are stayed by the Court for

the above-mentioned sections.

In order to provide for the exclusion and adequate time to pass the order or make the reference, it is hereby
proposed: -

• It is proposed to amend Section 24(4) of PBPT Act to provide that if the time available to IO to pass
the order of attachment, after excluding the time period for which proceedings are stayed by court,

is less than 30 days, then the time limit shall be deemed to be extended to 30 days.
• To amend Section 24(5) of PBPT Act to provide that if the time available to the IO to refer the order

of attachment to Adjudicating authority, after excluding the time period for which proceedings are
stayed by court, is less than 7 days, then the time limit shall be deemed to be extended to 7 days

• To amend Section 26(7) of PBPT Act to provide that if the time available to Adjudicating Authority
to pass the order of attachment, after excluding the time period for which proceedings are stayed
by court, is less than 60 days, then the time limit shall be deemed to be extended to 60 days.

This amendment will take effect from 1st September, 2019.

D) Penalty for failure to comply with summons and information to be furnished

With a view to ensure compliance with the summons issued and information required to be furnished under
the PBPT Act, it is proposed to insert a new section 54A in the PBPT Act to provide for levy of penalty of Rs.

25,000 for failure to comply with the summons issued or to furnish information under section 19 or section
21 respectively of the PBPT Act.

No penalty shall be imposed without giving an opportunity of being heard. However, if the person proves
that there are good and sufficient reasons which prevented him from complying with the summons or

furnishing information, then no penalty shall be levied.

This amendment will take effect from 1st September, 2019.

E) Documents considered as evidence for prosecution

It is proposed to insert a new section 54B in the said Act so as to provide that entries in the records or other

documents in the custody of an authority shall be admitted in evidence in any proceedings for the
prosecution of any person for an offence under the PBPT Act.

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