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Section42
The Finance Act, 1988

Insertion of new section 245DD

In force Act 26 of 1988 As on 16 Oct 2026

Act 26 of 1988 Ministry Finance Cited by 1 provision

Section 42 of the Finance Act, 1988 deals with insertion of new section 245DD. Insertion of new section 245DD 42. After section 245D of the Income-tax Act, the following section shall be inserted, namely:— Power of Settlement Commission to order provisional attachment to proted revenue "245DD.

Insertion of new section 245DD

42. After section 245D of the Income-tax Act, the following section shall be inserted, namely:—

Power of Settlement Commission to order provisional attachment to proted revenue

"245DD. (1) Where, during the pendency of any proceeding before it, the Settlement Commission is of the opinion that for the purpose of protecting the interests of the revenue it is necessary so to do, it may, by order, attach provisionally any property belonging to the applicant in the manner provided in the Second Schedule:

Provided that where a provisional attachment made under section 281B is pending immediately before an application is made under section 245C, an order under this sub-section shall continue such provisional attachment up to the period up to which an order made under section 281B would have continued if such application had not been made:

Provided further that where the Settlement Commission passes an order under this sub-section after the expiry of the period referred to in the preceding proviso, the provisions of sub-section (2) shall apply to such order as if the said order had originally been passed by the Settlement Commission.

(2) Every provisional attachment made by the Settlement Commission under sub-section (1) 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 Settlement Commission may, for reasons to be recorded in writing, extend the aforesaid period by such further period or periods as it thinks fit, so, however, that the total period of extension shall not in any case exceed two years.".

[Finance Act, 1988]

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Section 42, The Finance Act, 1988 (Act 26 of 1988).

Cross-references

Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.

This section refers to

  1. Income-tax Act s. 245D Procedure on receipt of an application under section 245C

Referred to by 1

  1. s. 71 Amendment of section 42

Questions about Section 42

What does Section 42 of the Finance Act deal with?

Section 42 of the Finance Act is headed "Insertion of new section 245DD". Insertion of new section 245DD 42. After section 245D of the Income-tax Act, the following section shall be inserted, namely:— Power of Settlement Commission to order provisional attachment to proted revenue "245DD.

How do I find court cases under Section 42 of the Finance Act?

In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Finance Act 1988 42, section 42 Finance Act 1988, section 42 of the Finance Act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.

What should I read with Section 42 of the Finance Act, and has it changed?

Its own text turns on Income-tax Act 245D (Procedure on receipt of an application under section 245C), so none of them can safely be read on its own. 1 other provision in this corpus refers back to it.

When was the Finance Act enacted?

Finance Act was enacted in 1988 as Act 26 of 1988. India Code records no commencement date for it. It is in force as at the date shown on this page.

Other sections of this Act

Source and method. Compiled from the enactments of Parliament and of the State legislatures as published on India Code, and republished together with commentary and other original matter under section 52(1)(q)(ii) of the Copyright Act, 1957. Structured, cross-referenced and maintained by eCourtsIndia. Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument. This page is not a substitute for legal advice.