Amendment of section 153A.
42. In section 153A of the Income-tax Act, in sub-section (1), in the opening portion, after the words, figures and letters “after the 31st day of May, 2003”, the words, figures and letters “but on or before the 31st day of March, 2021” shall be inserted.
Notes on Clauses:
Clause 42 of the Bill seeks to amend section 153A of the Income-tax Act relating to assessment in case of search or requisition.
It is proposed to amend the said section so as to provide that the search or requisition shall only apply where search or requisition is made on or before 31st March, 2021. Consequently, assessments under section 153A and 153C shall not be made in respect of a search or requisition made on or after 1st April, 2021.
This amendment will take effect from 1st April, 2021.
