TMI BlogAssessment of income of a person other than the person in whose case search has been initiated or books of account, other documents or assets have been requisitionedX X X X Extracts X X X X X X X X Extracts X X X X ..... Question - What are the proposed changes in Section 153C(1) in Finance Bil 2015 ? - Reply By Admin TMI - The Reply = Assessment of income of a person other than the person in whose case search has been initiated or books of account, other documents or assets have been requisitioned. Section 153C of the Act relates to assessment of income of any other person. The existing provisions cont ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ained in sub-section (1) of the said section 153C provide that notwithstanding anything contained in section 139, section 147, section 148, section 149, section 151 and section 153, where the Assessing Officer is satisfied that any money, bullion, jewellery or other valuable article or thing or books of account or documents seized or requisitioned belong to any person, other than the person referr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed to in section 153A, then the books of account or documents or assets seized or requisitioned shall be handed over to the Assessing Officer having jurisdiction over such other person and that Assessing Officer shall proceed against each such other person and issue such other person notice and assess or reassess income of such other person in accordance with the provisions of section 153A. Dispu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tes have arisen as to the interpretation of the words belongs to in respect of a document as for instance when a given document seized from a person is a copy of the original document. Accordingly, it is proposed to amend the aforesaid section to provide that notwithstanding anything contained in section 139, section 147, section 148, section 149, section 151 and section 153, where the Assessing ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Officer is satisfied that any money, bullion, jewellery or other valuable article or thing belongs to, or any books of account or documents seized or requisitioned pertain to, or any information contained therein, relates to, any person, other than the person referred to in section 153A, then the books of account or documents or assets seized or requisitioned shall be handed over to the Assessing ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Officer having jurisdiction over such other person and that Assessing Officer shall proceed against each such other person and issue such other person notice and assess or reassess income of such other person in accordance with the provisions of section 153A. This amendment will take effect from the 1st day of June, 2015. - Assessment of income of a person other than the person in whose case se ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... arch has been initiated or books of account, other documents or assets have been requisitioned - Query Started By: - Admin TMI Dated:- 28-2-2015 Income Tax - Got 1 Reply - Income Tax - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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