Amendment of section 132B.
36. In section 132B of the Income-tax Act,––
(i) in sub-section (1), in clause (i), for the words, figures and letter “completion of the assessment under section 153A”, the words “completion of the assessment or reassessment or recomputation” shall be substituted;
(ii) in sub-section (4), in clause (b), for the words, figures and letters “under section 153A or under Chapter XIV-B”, the words “or reassessment or recomputation” shall be substituted.
Notes on Clauses:
Clause 36 seeks to amend section 132B of the Income-tax Act relating to application of seized or requisitioned assets.
Sub-section (1) of the said section provides the manner in which assets seized under section 132 or requisitioned under section 132A are dealt with. It is proposed to amend clause (i) of sub-section (1) of section 132B to provide that the provisions of such clause shall apply to completion of assessment or reassessment or recomputation.
Sub-section (4) of the said section provides the computation of simple interest that the Central Government shall pay on the amount of money seized under section 132 or requisitioned under section 132A. It is proposed to amend sub-clause (b) of the said subsection to provide that the said clause shall also be applicable to completion of assessment or reassessment or recomputation.
These amendments will take effect from lst April, 2022.
