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of <h1>Finance Bill 2017 amends section 153A, extending assessments from 6 to 10 years with conditions for high-value assets.</h1> Clause 59 of the Finance Bill, 2017 proposes amendments to section 153A of the Income-tax Act, 1961, concerning assessments following a search or requisition. The amendment allows for the issuance of notices and assessments for up to ten assessment years preceding the year of the search, beyond the existing six-year limit. This is conditional upon the presence of evidence showing income escaping assessment amounting to at least fifty lakh rupees, represented as assets like property, shares, or bank deposits. The search or requisition must occur on or after April 1, 2017. Definitions for 'relevant assessment year' and 'asset' are also provided. These changes are effective from April 1, 2017.
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