Amendment of section 23

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..... ion 24 has been issued by the Initiating Officer. . - Clauses 172 to 176 of the Bill seek to amend the Prohibition of Benami Property Transactions Act, 1988. Section 23 of the said Act provides that the Initiating Officer, after obtaining prior approval of the Approving Authority, shall have power to conduct or cause to be conducted any inquiry or investigation in respect of any person, place, property, assets, documents, books of account or other documents, in respect of any other relevant matters under this Act. It is proposed to amend the said section so as to clarify that nothing contained in this section shall apply and shall be deemed to have ever applied where a notice under sub-section ( 1 ) of section 24 has been issued by the Init .....

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..... sed under sub-section ( 4 ) within fifteen days from the date of attachment to the Adjudicating Authority and that if after exclusion of the period of stay if the remaining period is less than seven days, the remaining period shall be deemed to extend to seven days. Sub-section ( 7 ) of section 26 of the said Act does not provide that in computing the period of one year for passing an order the period during which the proceeding is stayed by an order or injunction of any court shall be excluded. It is proposed to amend the said sub-section so as to provide that in computing the period of one year for passing an order, the period during which the proceeding is stayed by an order or injunction of any court is excluded. It is also proposed tha .....

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..... re and stating that it is a true copy of the original entries and that such original entries are contained in the records or other documents in its custody. It is also proposed to amend section 55 of the said Act so as to provide that no prosecution shall be instituted against any person in respect of any offence under sections 3, 53 or section 54 without the previous sanction of the Board. It is further proposed to insert an Explanation to the said section so as to define the expression competent authority . These amendments will take effect from 1st September, 2019. - statute, statutory provisions legislation, law, enactment, Acts, Rules, Regulations, Taxation Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindi .....

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