India - Income Tax Act 2010 - Saarc

1.683 CH. XIV - PROCEDURE FOR ASSESSMENT S. 153Aunder section 243 or section 244 or, as the case may be, section 244A, this provisoshall also apply accordingly.]Explanation 2.—Where, by an order 68 [referred to in clause (ii) of sub-section (3)],any income is excluded from the total income of the assessee for an assessmentyear, then, an assessment of such income for another assessment year shall, forthe purposes of section 150 and this section, be deemed to be one made inconsequence of or to give effect to any finding or direction contained in the saidorder.Explanation 3.—Where, by an order 68 [referred to in clause (ii) of sub-section (3)],any income is excluded from the total income of one person and held to be theincome of another person 69 , then, an assessment of such income on such otherperson shall, for the purposes of section 150 and this section, be deemed to be onemade in consequence of or to give effect to any finding or direction containedin the said order, provided such other person was given an opportunity of beingheard before the said order was passed.70[Assessment in case of search or requisition.153A. 71 [(1)] Notwithstanding anything contained in section 139, section 147,section 148, section 149, section 151 and section 153, in the case of a personwhere a search is initiated under section 132 or books of account, otherdocuments or any assets are requisitioned under section 132A after the 31st dayof May, 2003, the Assessing Officer shall—(a) issue notice to such person requiring him to furnish within suchperiod, as may be specified in the notice, the return of income inrespect of each assessment year falling within six assessment yearsreferred to in clause (b), in the prescribed form and verified in theprescribed manner and setting forth such other particulars as may beprescribed and the provisions of this Act shall, so far as may be, applyaccordingly as if such return were a return required to be furnishedunder section 139;(b) assess or reassess the total income of six assessment years immediatelypreceding the assessment year relevant to the previous year inwhich such search is conducted or requisition is made :Provided that the Assessing Officer shall assess or reassess the total income inrespect of each assessment year falling within such six assessment years:Provided further that assessment or reassessment, if any, relating to anyassessment year falling within the period of six assessment years referred to inthis 72 [sub-section] pending on the date of initiation of the search under section132 or making of requisition under section 132A, as the case may be, shall abate.68. Substituted for “under section 250, 254, 260, 262, 263 or 264” by the Direct Taxes(Amendment) Act, 1964, w.e.f. 6-10-1964.69. For the meaning of the expression “another person”, see Taxmann’s Direct Taxes Manual,Vol. 3.70. Sections 153A, 153B and 153C inserted by the Finance Act, 2003, w.e.f. 1-6-2003.71. Renumbered as sub-section (1) by the Finance Act, 2008, w.r.e.f. 1-6-2003.72. Substituted for “section”, ibid.