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of <h1>Income-tax Amendment Act 1965: New Search and Seizure Rules in Section 132 Target Undisclosed Income and Assets.</h1> The Income-tax (Amendment) Act, 1965 replaces Section 132 of the Income-tax Act, 1961, detailing procedures for search and seizure. It allows authorized officers to search premises and seize undisclosed assets, such as money, bullion, or documents, if there is reason to believe they represent undisclosed income. Officers can also examine individuals under oath and requisition police assistance. Seized assets must be assessed within ninety days, and may be retained or released based on tax liabilities. The Act provides for objections to seizures and outlines procedures for retaining or disposing of seized assets, including interest payments on excess retained funds.
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