Amendment status not verified — confirm the current text below against the official source.
Se( urity to be l'urnishcd in (ertain casei- (l) The presc.ibed autho ty nuy, at the time ofgranting of ceftificate to adealer,lolgood and sulficientreasons to be recorded in witing, require the dealer to lumish in the prescribed manner such secudly as may be specified by it forsecuring properand timely paymeDt oltax or any other sum payable by hjm under this Acl. (2) The prescribed authority may, by order in writing and lbr good ol sLLlficient rcason to be r ecorded thercin, demand hom ary person who impofts into Sikkim any consignmen! 01 goods, a rcasonable security tbrensuring that therc is no evasion oftax. (3) The prescribed authoity may, by orderin writing and folgood or s ut'ficient leaso n tobe rccolded thelein,lodbit the whole or any palt olthe security or additional secuity relened to i0 sub-section (l) o/ sub-section (2), iurnished by a dcaler, registered dealer, undertating or percon as requircd by sub-section (1) or demanded under sub-secrior (2), lb.- (a) r'ealizingorrecovery of tax oranyothe, sumdue, or (b) tecovery ofary linancial loss caused to the State Govennnent due to negligence or default in rot making proper use of, or notkQeping in safe custody, blank or unused lbrms ol declarration. (4) Where, by reason ofany order under sub-section (3), the secudty furnished by a dealcr', registered dealel, undertakinS or person is fodeited ir whole or is rendered insufficieot, such dealer, registered dealer, underlaking orpeNon shall, on demand by order ofthe prescdbed authority, Iumish frcsh or funher securily olthe reqlljsite arnourt or shall matke up the deficiency, as thecase mai be, in suchmannerand within such period as may be specitied in such order. (5) The prescribed authority may, on appljcation by a rlcaleq undeltaki0g orperson, whohas lurnished secudty as required by sub scction ( I ) or demanded under sub-section (2), re l und in the prcscaibed manner any amourlt cfsecurity or pifi thereof ifsuch security is notrequiled for the purposes for which it was fumished. 26 I fl ^ Sr:::il ai reqtired by sub-secljon ( 1) ol demanded under sub-seclion (2) sha1l be fumish'J a] 3 dealer. regislered alealcr. unde aking orpe$on in such mannerandby such time as mal 5: spccified in tlle orderrequiring to fumish or demandirg such security' ilr \o ordershallbepisscd Llnderlhis secllon wilhoul giving thedealer' registered dealer' undcfiaking orpelson an opportunity oIbejng hea] d'