Clause 49 - Amendment of section 153B - Finance Bill, 2022

Amendment of section 153B. 49. In section 153B of the Income-tax Act, (a) after sub-section (3), the following sub-section shall be inserted, namely: (4) Nothing contained in this section shall apply to any search initiated under section 132 or requisition made under section 132A on or after the 1st day of April, 2021. ; (b) in the Explanation, (i) in clause (x), for the words Assessing Officer, , the words Assessing Officer; or shall be substituted and shall be deemed to have been substituted with effect from the 1st day of April, 2021; (ii) after clause (x), the following clause shall be inserted and shall be deemed to have been inserted with effect from the 1st day of April, 2021, namely: (xi) the period (not exceeding one hundred and eighty days) commencing from the date on which a search is initiated under section 132 or a requisition is made under section 132A and ending on the date on which the books of account, or other documents or money or bullion or jewellery or other valuable article or thing seized under section 132 or requisitioned under section 132A, as the case may be, are handed over to the Assessing Officer having jurisdiction over the assessee, in whose case such search is initiated under section 132 or such requisition is made under section 132A, as the case may be, .