India - Income Tax Act 2010 - Saarc

1.623 CH. XIII - INCOME-TAX AUTHORITIES - POWERS S. 132(4) The authorised officer may, during the course of the search or seizure,examine on oath any person who is found to be in possession or control of anybooks of account, documents, money, bullion, jewellery or other valuable articleor thing and any statement made by such person during such examination maythereafter be used in evidence in any proceeding under the Indian Income-taxAct, 1922 (11 of 1922), or under this Act.1[Explanation.—For the removal of doubts, it is hereby declared that the examinationof any person under this sub-section may be not merely in respect of anybooks of account, other documents or assets found as a result of the search, butalso in respect of all matters relevant for the purposes of any investigationconnected with any proceeding under the Indian Income-tax Act, 1922 (11 of1922), or under this Act.]2[(4A) Where any books of account, other documents, money, bullion, jewelleryor other valuable article or thing are or is found in the possession or control ofany person in the course of a search, it may be presumed—(5) 3 [***](i) that such books of account, other documents, money, bullion, jewelleryor other valuable article or thing belong or belongs to such person ;(ii) that the contents of such books of account and other documents aretrue ; and(iii) that the signature and every other part of such books of account andother documents which purport to be in the handwriting of anyparticular person or which may reasonably be assumed to have beensigned by, or to be in the handwriting of, any particular person, are inthat person’s handwriting, and in the case of a document stamped,executed or attested, that it was duly stamped and executed orattested by the person by whom it purports to have been so executedor attested.]1. Inserted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989.2. Inserted by the Taxation Laws (Amendment) Act, 1975, w.e.f. 1-10-1975.3. Omitted by the Finance Act, 2002, w.e.f. 1-6-2002. Prior to its omission, sub-section (5), asamended by the Taxation Laws (Amendment) Act, 1975, w.e.f. 1-10-1975, Taxation Laws(Amendment) Act, 1984, w.e.f. 1-10-1984, Direct Tax Laws (Amendment) Act, 1987, w.e.f.1-4-1988, Finance Act, 1995, w.e.f. 1-7-1995 and Finance (No. 2) Act, 1998, w.e.f. 1-10-1998,read as under :“(5) Where any money, bullion, jewellery or other valuable article or thing (hereafter in thissection and in sections 132A and 132B referred to as the assets) is seized undersub-section (1) or sub-section (1A), as a result of a search initiated or requisition madebefore the 1st day of July, 1995, the Income-tax Officer, after affording a reasonableopportunity to the person concerned of being heard and making such enquiry as may beprescribed†, shall, within one hundred and twenty days of the seizure, make an order, withthe previous approval of the Joint Commissioner,—(i) estimating the undisclosed income (including the income from the undisclosedproperty) in a summary manner to the best of his judgment on the basis of suchmaterials as are available with him ;(ii) calculating the amount of tax on the income so estimated in accordance with theprovisions of the Indian Income-tax Act, 1922 (11 of 1922), or this Act ;(Contd. on p. 1.624)