Section 153A of Income Tax act 1962 with example pdf

Section 153A of Income Tax Act deals with assessment of income of searched person. Under Section 153A the Assessing Officer shall issue notice to such person for 6 assessment years.

Notwithstanding anything contained in Section 139/147/148/149/151/153, in case of a person where search is initiated under section 132 or books of account, other documents or any assets are requisitioned under section 132A, assessing officer shall make the assessment as under 





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Amount not deductible under section 40A

Transaction not regarded as transfer under section 47 of income tax act 1962

(A) The Assessing Officer shall issue a notice to such person requiring him to furnish return of income within such period as may be specified in the notice for 6 assessment years immediately preceding the assessment year relevant to the previous year in which the search is conducted or the requisition is made and the relevant assessment year or years.

Meaning of relevant assessment year [Explanation 1] ''Relevant assessment year'' shall means an assessment year proceeding the assessment year relevant to the previous year in which search is conducted or requisition is made which falls beyond 6 assessment year but not later than 10 assessment years from the end of assessment year relevant to the previous year in which search is conducted or requisition is made.

Condition for issue of notice for relevant assessment year or years;  No notice for assessment or reassessment shall be issued by the Assessing Officer for the relevant assessment year or years unless-

(i) The assessing officer has in his possession books of account or other documents or evidence which reveal that the income, represented in the form of assets, which has escaped assessment amount to or is likely to amount to 50 lakh or more in the relevant assessment year or in aggregate in the relevant assessment years;

(ii) The income referred to in clause (a) or part thereof has escaped assessment for such year or years; and

(iii) The search under section 132 is initiated or requisition under section 132A is made on or after 1-04-2017

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Section 37(1) of income tax act 1962

Amount not deductible under section 40a

(B) The assessing officer shall assess or reassess the total income in respect of each of such 6 assessment years immediately preceding the assessment year relevant to the previous year in which the search is conducted or the requisition is made and the relevant assessment year or years and determine the tax payable for such assessment years. In the assessment or reassessment made in respect of relevant assessment years, the rate of tax applicable to each such relevant assessment year shall be applied.

The assessment of reassessment, if any, relating to any assessment year falling within the period of 6 assessment year end of the relevant assessment year or years referred above pending on the date initiation of the search under section 132 or making of requisition under section 132A, as the case may be, shall abate.

(C) The Central Government may by rule made by it (except in case where the assessment or reassessment has abated), specify the class are classes of case in which the Assessing Officer shall not be required to issue notice for assessing or assessing the total income for 6 assessment year immediately preceding the assessment year relevant to the previous year in which search is conducted or acquisition is made.
Section 153A of Income Tax act 1962 with example pdf Section 153A of Income Tax act 1962 with example pdf Reviewed by Unknown on November 24, 2018 Rating: 5

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