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Amendment of section 132.

Clause 50 - Bills - DIRECT TAXES - Income-tax - Bill - Clause 50 - 50. In section 132 of the Income-tax Act,- (i) in sub-section (1), after the fourth proviso, the following Explanation shall be inserted and shall be deemed to have been inserted with effect from the 1st day of April, 1962, namely:- Explanation.-For the removal of doubts, it is hereby declared that the reason to believe, as recorded by the income-tax authority under this sub-section, shall not be disclosed to any person or any au .....

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hall be inserted, namely:- (9B) Where, during the course of the search or seizure or within a period of sixty days from the date on which the last of the authorisations for search was executed, the authorised officer, for the reasons to be recorded in writing, is satisfied that for the purpose of protecting the interest of revenue, it is necessary so to do, he may with the previous approval of the Principal Director General or Director General or the Principal Director or Director, by order in w .....

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the authorisations for search was executed, make a reference to a Valuation Officer referred to in section 142A, who shall estimate the fair market value of the property in the manner provided under that section and submit a report of the estimate to the said officer within a period of sixty days from the date of receipt of such reference. ; (iv) for Explanation 1, the following Explanation shall be substituted, namely:- Explanation 1.-For the purposes of sub-sections (9A), (9B) and (9D), with r .....

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e. It is proposed to insert an Explanation after the fourth proviso to the said sub-section (1) so as to provide that the reason to believe recorded by the income-tax authority specified therein under the said sub-section shall not be disclosed to any person or any authority or the Appellate Tribunal. This amendment will take effect retrospectively from 1st , April, 1962, the date of commencement of the Income-tax Act, 1961. Sub-section (1A) of the said section provides that where an authority m .....

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