Quick Summary
Amendments proposed in sections 132 and 132B for rationalising provisions Section 132 of the Act relates to search and seizure. As per the provisions of sub-section (8) of section 132 of the Act the last date for taking approval for retention of seized books of account or other documents is 30 days from the date of the assessment or reassessment or recomputation order. In the course of search assessment proceedings in group cases, the assessment orders of one assessee may be passed earlier th
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FAQ :
The proposed amendments aim to rationalise and simplify the provisions related to search and seizure for tax assessments.
The time limit for obtaining approval to retain seized books of account or documents will be extended to one month from the end of the quarter in which the assessment, reassessment, or recomputation order is made.
This change is proposed to reduce the burden on Assessing Officers who currently have to constantly monitor varying time-barring dates for approval in complex group cases.
The word 'authorisation' will be substituted with 'authorisations' in Explanation 1 to Section 132, and references in Section 132B will be updated to align with the current definition of 'execution of an authorisation for search or requisition'.
These amendments are proposed to take effect from the 1st day of April, 2025.
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