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of <h1>Clarification on Promissory Notes: Classified as 'Other Valuable Articles' Under Section 132 of Income Tax Act</h1> The circular clarifies the classification of promissory notes under the Negotiable Instruments Act, 1881, in relation to the Income Tax Act, 1961. It asserts that promissory notes, being both documents and valuable assets, fall under 'other valuable articles or things' as per Section 132. This classification affects how they are handled during searches. If promissory notes are seized, they may be returned to the assessee if an equivalent amount is deposited. If not, retaining them may lead to litigation. Future searches should include obtaining certified copies and possibly issuing orders under Section 132(3) to manage possession.
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