Common use of Income Tax Proceedings Clause in Contracts

Income Tax Proceedings. The Borrower represents and warrants that (i) no proceedings have been initiated or are pending against the Borrower or in respect of any of its income or properties under the Income Tax Act, 1961; (ii) no notice or demand whether under rule 2 of the second schedule of the Income Tax Act, 1961 or otherwise has been received by the Borrower under the Income Tax Act, 1961, and (iii) there are no arrears of tax or other sum outstanding from the Borrower under the Income Tax Act, 1961 nor is there any claim raised by any authority thereunder in respect of any tax or any other sum payable by the Borrower as an ‘assessee’ in terms of the Income Tax Act 1961 or otherwise; The Borrower is in full compliance with Section 281 of the Income Tax Act, 1961 for creating valid, subsisting and enforceable Security over the Property in favour of the Lender.

Income Tax Proceedings. The Borrower represents and warrants that (i) no proceedings have been initiated or are pending against the Borrower or in respect of any of its income or properties under the Income Tax Act, 1961; (ii) no notice or demand whether under rule 2 of the second schedule of the Income Tax Act, 1961 or otherwise has been received by the Borrower under the Income Tax Act, 1961, and (iii) there are no arrears of tax or other sum outstanding from the Borrower under the Income Tax Act, 1961 nor is there any claim raised by any authority thereunder in respect of any tax or any other sum payable by the Borrower as an ‘assessee’ in terms of the Income Tax Act 1961 Xxx 0000 or otherwise; The Borrower is in full compliance with Section 281 of the Income Tax Act, 1961 for creating valid, subsisting and enforceable Security over the Property in favour of the Lender.