Section 37 - Amendment of section 132 - Direct Tax Laws (Amendment) Act, 1987

37. Amendment of section 132. In section 132 of the Income-tax Act, - (a) in sub-section (1), - (i) for the words or Income-tax Officer occurring in clauses (A) and (B), the words Assistant Commissioner or Income-tax Officer shall be substituted; (ii) in the proviso, for the word and figures section 121 , the word and figures section 120 shall be substituted; (b) in sub-section (1A), for the word and figures section 121 , the word and figures section 120 shall be substituted; (c) in sub-section (3), the following Explanation shall be inserted at the end, namely :- Explanation .- For the removal of doubts, it is hereby declared that serving of an order as aforesaid under this sub-section shall not be deemed to be seizure of such books of account, other documents, money, bullion, jewellery or other valuable article or thing under clause (iii) of sub-section (1). ; (d) in sub-section (4), the following Explanation shall be inserted at the end, namely: - Explanation.- For the removal of doubts, it is hereby declared that the examination of any person under this sub-section may be not merely in respect of any books of account, other documents or assets found as a result of the search, but also in respect of all matters relevant for the purposes of any investigation connected with any proceeding under the Indian Income-tax Act, 1922 (11 of 1922), or under this Act. ; (e) after sub-section (8), the following sub-section shall be inserted, namely :- (8A) An order under sub-section (3) shall not be in force for a period exceeding sixty days from the date of the order, except where the authorised officer, for reasons to be recorded by him in writing, extends the period of operation of the order beyond sixty days, after obtaining the approval of the Commissioner for such extension: Provided that the Commissioner shall not approve the extension of the period for any period beyond the expiry of thirty days after the completion of all the proceedings under this Act in respect of the years for which the books of account, other documents, money, bullion, jewellery or other valuable articles or things are relevant. ; (f) in Explanation 1, for the words, brackets and figure the period of one hundred and twenty days for the purposes of sub-section (5) , the words, brackets and figure the period referred to in sub-section (5) for the purposes of that sub-section shall be substituted.