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of <h1>Finance Bill 2017 amends Section 132 of Income-tax Act; updates search, seizure, and property valuation procedures.</h1> Clause 50 of the Finance Bill, 2017 amends section 132 of the Income-tax Act, addressing search and seizure procedures. It introduces explanations in sub-sections (1) and (1A) that reasons recorded by tax authorities for belief or suspicion are confidential and not to be disclosed. Sub-section (9B) allows provisional attachment of property to protect revenue interests, subject to approval, ceasing after six months. Sub-section (9D) permits reference to a Valuation Officer for property valuation within sixty days. Amendments apply retrospectively from 1962 and 1975, with some effective from April 1, 2017.
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