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Amendment of section 153A.

Clause 59 - Bills - DIRECT TAXES - Income-tax - FINANCE BILL, 2017 - Clause 59 - 59. In section 153A of the Income-tax Act, in sub-section (1),- (i) in clause (a), first proviso and the second proviso, after the words six assessment years wherever th .....

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the words requisition is made , the words and for the relevant assessment year or years shall be inserted; (iv) after the third proviso, the following shall be inserted, namely:- Provided also that no notice for assessment or reassessment shall be i .....

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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 s .....

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mean an assessment year preceding the assessment year relevant to the previous year in which search is conducted or requisition is made which falls beyond six assessment years but not later than ten assessment years from the end of the assessment yea .....

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es, deposits in bank account. . Clause 59 of the Bill seeks to amend section 153A of the Income-tax Act, 1961 relating to assessment in case of search or requisition. Sub-section (1) of the aforesaid section provides that where a search is conducted .....

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vant to the previous year in which search is conducted or requisition is made. It also provides for assessment or reassessment of total income of the said years. It is proposed that issuance of notice and assessment or reassessment under the said sec .....

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nt year relevant to the previous year in which search is conducted or requisition is made, provided that- (i) the Assessing Officer has in his possession books of account or other documents or evidence which reveal that the income which has escaped a .....

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