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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Amendment to Income-tax Act: Non-seizure of Stock-in-trade Bullion and Jewelry; Updated References in Section 132.</h1> Section 132 of the Income-tax Act was amended by the Finance Act, 2003, effective June 1, 2003. The amendment introduced a proviso in sub-section (1) stating that bullion, jewelry, or other valuable articles, if identified as stock-in-trade during a search, should not be seized. Instead, the authorized officer must document or inventory such items. Another proviso clarifies that the exemption from seizure does not apply to valuable articles that are not stock-in-trade. Additionally, sub-section (8) was updated to replace references to section 158BC with section 153A or clause (c) of section 158BC.
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