Amendment of section 153B.
49. In section 153B of the Income-tax Act,––
(a) after sub-section (3), the following sub-section shall be inserted, namely:––
“(4) Nothing contained in this section shall apply to any search initiated under section 132 or requisition made under section 132A on or after the 1st day of April, 2021.”;
(b) in the Explanation,––
(i) in clause (x), for the words “Assessing Officer,”, the words “Assessing Officer; or” shall be substituted and shall be deemed to have been substituted with effect from the 1st day of April, 2021;
(ii) after clause (x), the following clause shall be inserted and shall be deemed to have been inserted with effect from the 1st day of April, 2021, namely:––
“(xi) the period (not exceeding one hundred and eighty days) commencing from the date on which a search is initiated under section 132 or a requisition is made under section 132A and ending on the date on which the books of account, or other documents or money or bullion or jewellery or other valuable article or thing seized under section 132 or requisitioned under section 132A, as the case may be, are handed over to the Assessing Officer having jurisdiction over the assessee, in whose case such search is initiated under section 132 or such requisition is made under section 132A, as the case may be,”.
Notes on Clauses:
Clause 49 seeks to amend section 153B of the Income-tax Act relating to time limit for completion of assessment under section 153A.
The said section provides the time limit for completion of assessment or reassessment under section 153A in the case of an assessee in whose case a search has been conducted under section 132 or books of account, other documents or any assets are requisitioned under section 132A. It further provides the period of limitation for completion of assessment or reassessment under section 153C.
It is proposed to insert a new sub-section (4) in the said section to provide that nothing contained in the said section shall apply to any search under section 132 or requisition done under section 132A on or after the 1st day of April, 2021.
This amendment will take effect from lst April, 2022.
The Explanation to the said section provides the periods which shall be excluded while calculating the aforesaid period of limitation.
It is proposed to insert a new Explanation to the said section, clause (xi) may be inserted to provide for exclusion of the period commencing from the date on which a search is initiated under section 132 or a requisition is made under section 132A and ending on the date on which the books of account or other documents, or any money, bullion , jewellery or other valuable article or thing seized under section 132 or requisitioned under section 132A, as the case may be, are handed over to the Assessing Officer having jurisdiction over the assessee, in whose case such search is initiated under section 132 or such requisition is made under section 132A, as the case may be or one hundred and eighty days, whichever is less.
These amendments will take effect retrospectively from lst April, 2021.
