Introducing the “In Favour Of” filter in Case Laws.
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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Finance Act 2017: Section 132 amended to keep reasons for tax searches confidential; allows property attachment for six months.</h1> The Finance Act, 2017 amends section 132 of the Income-tax Act, introducing explanations and subsections. The explanations clarify that reasons recorded by income-tax authorities for believing or suspecting under sub-sections (1) and (1A) are not to be disclosed to any person, authority, or tribunal. New subsections (9B) to (9D) allow provisional attachment of an assessee's property during searches or seizures, with prior approval, to protect revenue interests. Such attachments are valid for six months. Additionally, a Valuation Officer can estimate property value within sixty days, and specific provisions apply to the execution of search authorizations.
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