Clause 59 - Amendment of section 153A. - Finance Bill, 2017

Amendment of section 153A. 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 they occur, the words and for the relevant assessment year or years shall be inserted; (ii) in clause (b), after the words requisition is made , the words and of the relevant assessment year or years shall be inserted; (iii) in the third proviso, after 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 issued by the Assessing Officer for the relevant assessment year or years unless (a) the Assessing Officer has in his possession books of account or other documents or evidence which reveal that the income, represented 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. Explanation 1. For the purposes of this sub-section, the expression relevant assessment year shall 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 year relevant to the previous year in which search is conducted or requisition is made. Explanation 2. For the purposes of the fourth proviso, asset shall include immovable property being land or building or both, shares and securities, loans and advances, deposits in bank account. .