Assess.of Income of Person


Assess.of Income of Person

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Assessment of income of a person other than the person who has been searched [Section 153C]

Assessment of income of a person other than the person who has been searched [Section 153C] [W.e.f. 1-10-2014]

Section 153C relates to assessment of income of any other person. The existing provisions contained in section 153C(1) provide that notwithstanding anything contained in section 139, section 147, section 148, section 149, section 151 and section 153, where the Assessing Officer is satisfied that any money, bullion, jewellery or other valuable article or thing or books of account or documents seized or requisitioned belong to any person, other than the person referred to in section 153 A,then the books of account or documents or assets seized or requisitioned shall be handed over to the Assessing Officer having jurisdiction over such other person and that Assessing Officer shall proceed against each such other person and issue such other person notice and assess or reassess income of such other person in accordance with the provisions of section 153 A.

The Finance (No. 2) Act, 2014 has amended section 153C(1) to provide that notwithstanding anything contained in section 139, section 147, section 148, section 149, section 151 and section 153, where the Assessing Officer is satisfied that any money, bullion, jewellery or other valuable article or thing or books of account or documents seized or requisitioned belongs or belong to any person, other than the person referred to in section 153A, then books of account or documents or assets seized or requisitioned shall be handed over to the Assessing Officer having jurisdiction over such other person and that Assessing Officer shall proceed against each such other person and issue such other person notice and assess or reassess income of such other person in accordance with the provisions of section 153 A if he is satisfied that the books of account or documents or assets seized or requisitioned have a bearing on the determination of the total income of such other person for the relevant assessment year or years referred to in section 153A(1).

In other words, the Assessing Officer to whom the books of account or documents or assets seized or requisitioned have been handed over, before proceeding under section 153A, will have to record the satisfaction that the books of account or documents or assets seized or requisitioned have a bearing on the determination of the total income of such other person for the relevant assessment year or years referred to in section 153A(1).Thus, proceedings under section 153A(1) read with section 153C can be taken by him only for those assessment year or years to which undisclosed income belong instead of past six assessment years. BACK

 

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