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Statutory Provisions

Home Acts & Rules Bill Bills FINANCE (No. 2) BILL, 2014 Chapters List Chapter III DIRECT TAXES This

Clause 53 - Amendment of section 153C - FINANCE (No. 2) BILL, 2014

FINANCE (No. 2) BILL, 2014
Chapter III
DIRECT TAXES
  • Contents

Amendment of section 153C

53. In section 153C of the Income-tax Act, in sub-section (1), for the words, figures and letter “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”, occurring at the end but before the first proviso, the words, brackets, figures and letter “and that Assessing Officer shall proceed against each such other person and issue notice and assess or reassess the income of the other person in accordance with the provisions of section 153A, if, that Assessing Officer is satisfied that the books of account or documents or assets seized or requisitioned have a bearing on the determination of the total income of such other person for the relevant assessment year or years referred to in sub-section (1) of section 153A” shall be substituted with effect from the 1st day of October, 2014.

 



 

Notes on Clauses:

Clause 53 of the Bill seeks to amend section 153C of the Income-tax Act relating to assessment of income of any other person.

          The existing provisions contained in sub-section (1) of the aforesaid section 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 belongs or belong to a 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 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.

          It is proposed to amend the said sub-section so as to 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 belongs or belong to a 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 Officer having jurisdiction over such other person and that Assessing Officer shall proceed against each such other person and issue notice and assess or reassess the income of the other person in accordance with the provisions of section 153A, if, such Assessing Officer is satisfied that the books of account or documents or assets seized or requisitioned have a bearing on the determination of the total income of such other person for the relevant assessment year or years referred to in sub-section (1) of section 153A.

          This amendment will take effect from 1st October, 2014.

 
 
 
 

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