Amendment of section 132.
35. In section 132 of the Income-tax Act, in sub-section (8), for the words “order of assessment under”, the words, brackets and figures “order of assessment or reassessment or recomputation under sub-section (3) of section 143 or section 144 or section 147 or” shall be substituted.
Notes on Clauses:
Clause 35 seeks to amend section 132 of the Income-tax Act relating to search and seizure.
Sub-section (8) of the said section provides that the books of account or other documents seized under sub-section (1) or sub-section (1A) of the said section shall not be retained by the authorised officer for a period exceeding thirty days from the date of the order of assessment under section 153A or clause (c) of section 158BC unless the reasons for retaining the same are recorded by him in writing and the approval of the Principal Chief Commissioner or Chief Commissioner, Principal Commissioner or Commissioner, Principal Director General or Director General or Principal Director or Director for such retention is obtained.
It is proposed to amend the said sub-section to provide that provisions therein shall be applicable to an order of assessment or reassessment or re-computation made in a search case.
This amendment will take effect from 1st April, 2022.
