Assessment of third-party assets: seized valuables or records must be transferred and may trigger assessment of the other person. Amendment requires that when an Assessing Officer, after search or seizure, is satisfied seized money, valuables, books or documents belong to or relate to a person other than the searched person, those assets and records shall be handed over to the Assessing Officer having jurisdiction over that other person, who may then proceed, issue notice and assess or reassess the other person's income if the material bears on determination of their total income for the relevant assessment year(s).
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Assessment of third-party assets: seized valuables or records must be transferred and may trigger assessment of the other person.
Amendment requires that when an Assessing Officer, after search or seizure, is satisfied seized money, valuables, books or documents belong to or relate to a person other than the searched person, those assets and records shall be handed over to the Assessing Officer having jurisdiction over that other person, who may then proceed, issue notice and assess or reassess the other person's income if the material bears on determination of their total income for the relevant assessment year(s).
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