Assessment in case of search or requisition

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..... ther documents or any assets are requisitioned under section 132A after the 31st day of May, 2003 11[but on or before the 31st day of March, 2021], the Assessing Officer shall- (a) issue notice to such person requiring him to furnish within such period, as may be specified in the notice, the return of income in respect of each assessment year falling within six assessment years 7[ and for the re .....

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..... rther that assessment or reassessment, if any, relating to any assessment year falling within the period of six assessment years 7[ and for the relevant assessment year or years ] 3[referred to in this sub-section] pending on the date of initiation of the search under section 132 or making of requisition under section 132A, as the case may be, shall abate. 5[Provided also that the Central Governm .....

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..... resented 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 .....

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..... lled in appeal or any other legal proceeding, then, notwithstanding anything contained in sub-section (1) or section 153, the assessment or reassessment relating to any assessment year which has abated under the second proviso to sub-section (1), shall stand revived with effect from the date of receipt of the order of such annulment by the 6[Principal Commissioner or] Commissioner: Provided that .....

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..... 6-2003. 4. Inserted by the Finance Act, 2008, w.e.f. 1-6-2003. 5. Inserted vide Finance Act, 2012, w.e.f. 01-07-2012, 6. Inserted vide THE FINANCE (No. 2) ACT, 2014 w.e.f. 1st day of June, 2013 7. Inserted vide THE FINANCE ACT, 2017 w.e.f. 1st day of April, 2017. 8. Inserted vide THE FINANCE ACT, 2017 w.e.f. 1st day of April, 2017. 9. Inserted vide THE FINANCE ACT, 2017 w.e.f. 1st day of Apr .....

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