SECTION 132, READ WITH SECTION 132A OF THE INCOME-TAX ACT, 1961 – SEARCH & SEIZURE – ASSESSMENT OF PRECEDING YEARS IN SEARCH CASES DURING ELECTION PERIOD

The Central Government amended the Income Tax Rules, 1962, to insert a new Rule 112F specifying the class or classes of cases in which the Assessing Officer shall not be required to issue notice for assessing or reassessing the total income for six assessment years immediately preceding the assessment year relevant to the previous year in which search is conducted or requisition is made.
The aforesaid amendment was introduced with a view to reduce infructuous and unnecessary proceedings under the Income Tax Act, 1961 in cases where a search is conducted u/s 132 or requisition made u/s 132A and cash or other assets are seized during the election period, generally on a single warrant, and no evidence is available, or investigation required, for any assessment year other than the assessment year relevant to the previous year in which search is conducted or requisition is made.

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