Presumption as to assets, books of account, etc., in certain cases - Section 278D - Income Tax - Ready Reckoner - Income Tax

Presumption as to assets, books of account, etc., in certain cases - Section 278D (1) Presumption as to assets, books of account or document found in possession or control of any person [Section 278D(1)] - Where during the course of any search made under section 132 , any money, bullion, jewellery or other valuable article or thing (hereafter in this section referred to as the assets) or any books of account or other documents has or have been found in the possession or control of any person and such assets or books of account or other documents are tendered by the prosecution in evidence against such person or against such person and the person referred to in section 278 for an offence under this Act, the provisions of section 132(4A) shall, so far as may be, apply in relation to such assets or books of account or other documents. (2) Presumption as to assets, books of account or document taken into custody after requisition [Section 278D(2)] - Where any assets or books of account or other documents taken into custody, from the possession or control of any person, by the officer or authority referred to in section 132A(1)(a) or (b) or (c) , as the case may be, are delivered to the requisitioning officer under section 132A(2) of that section and such assets, books of account or other documents are tendered by the prosecution in evidence against such person or against such person and the person referred to in section 278 for an offence under this Act, the provisions of section 132(4A) shall, so far as may be, apply in relation to such assets or books of account or other documents.