9911796707
TMI BlogAmendment of section 37AX X X X Extracts X X X X X X X X Extracts X X X X ..... ed; (d) for clause (iv), the following clause shall be substituted, namely :- "(iv) seize any such books of account, other documents, money, bullion, jewellery or other valuable article or thing found as a result of such search;"; (e) in clause (vi), for the words "any articles or things including money", the words "any money, bullion, jewellery or other valuable article or thing" shall be substituted; (f) in the proviso, for the word and figures "section 10", the word and figure "section 8" shall be substituted; (g) after the proviso, the following proviso shall be inserted, namely :- "Provided further that where it is not possible or practicable to take physical possession of any valuable article or thing and remove it to a sa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... at 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 (iv) of sub-section (1)."; (4) 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 matters relevant for the purposes of any investigation connected with any proceedings under this Act."; (5) after sub-section (5), the following sub-sections ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... factory arrangements for payment of all the amounts referred to in clauses (ii), (iii) and (iv) or any part thereof, the Assessing Officer, may with the previous approval of the Chief Commissioner or Commissioner release the assets or such part thereof as he may deem fit in the circumstances of the case. (5B) The assets retained under sub-section (5A) may be dealt with in accordance with the provisions of section 37C. (5C) If the Assessing Officer is satisfied that the seized assets or any part thereof were held by such person for or on behalf of any other person, the Assessing Officer may proceed under sub- section (5A) against such other person and all the provisions of this section shall apply accordingly."; (6) after sub-section ( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s as it or he thinks fit.";
(9) after sub-section (12), the following Explanations shall be inserted, namely :-
'Explanation 1 .- In computing the period referred to in sub- section (5A) for the purposes of that sub-section, any period during which any proceeding under this section is stayed by an order or injunction of any court shall be excluded.
Explanation 2 .- In this section, the word "proceeding" means any proceeding in respect of any year under this Act which may be pending on the date on which a search is authorised under this section or which may have been completed on or before such date and includes also proceedings under this Act which may be commenced after such date in respect of any year.'. X X X X Extracts X X X X X X X X Extracts X X X X
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