(1) Where in the course of discharging functions under this Act, the Director General (Central Intelligence Cell) or the Commissioner has specific information to the effect that any person has concealed information relating to his income or investment, he may, by order issued in writing, require any person in whose possession for the time being any money, bullion, ornaments, financial documents, financial assets, valuables or any other property, not to remove, transfer or otherwise dispose of it without the prior permission of the concerned authority issuing such order.

(2) Such order shall cease to have any effect after the expiry of one year from the date of the passing of the order under sub-section (1).

(3) The Income-tax authority referred to in sub-section (1) may, subject to the approval of the Board, extend the said period:

    Provided that the period of extension shall in no case exceed 1 (one) year in total.

(4) In computing the period referred to in sub-sections (2) and (3), if the order made under sub-section (1) is stayed by the Court for any period, such period, if any, shall be excluded.