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ASSESSMENT IN CASE OF SEARCH AND SEIZURE Section -153A

Income Tax - Search and Seizure - Procedure, Consequences and Impact - 08 - SECTION 153A - ASSESSMENT IN CASE OF SEARCH AND SEIZURE (1) Section153A provides as under:- Notwithstanding anything contained in section 139/147/148/149/151/153 in case of any person where search is initiated u/s 132, then the Assessing Officer shall issue a notice to such person (Notice u/s 153A) requiring him to furnish within such period, as may be specified in the notice the return of income in respect of each asses .....

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sessment/ reassessment shall be made separately for the six assessment years and for the relevant assessment year or years u/s 153A Provided further that assessment or reassessment, if any, relating to any assessment year falling within the period of six assessment years and for the relevant assessment year or years referred to in this sub-section pending on the date of initiation of the search under section 132 or making of requisition under section 132A, as the case may be, shall abate. It has .....

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resented in the form of asset, which has escaped assessment amounts to or is likely to amount to fifty lakh rupees or more in the relevant assessment year or in aggregate in the relevant assessment years b) the income referred to in clause (a) or part thereof has escaped assessment for such year or years; and c) the search under section 132 is initiated or requisition under section 132A is made on or after the 1st day of April, 2017. Note:- For the purposes of this sub-section, the expression re .....

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