Assessment of income of a person other than the person in whose case search has been initiated or books of account, other documents or assets have been requisitioned

[Admin TMI]

Question - What are the proposed changes in Section 153C(1) in Finance Bil 2015 ?

AI Summary

Finance Bill 2015 amends Section 153C(1) to clarify income assessment for individuals linked to seized assets or documents. The discussion addresses proposed amendments to Section 153C(1) in the Finance Bill 2015 regarding the assessment of income for individuals other than those directly involved in a search or whose documents or assets have been requisitioned. The current provision allows the Assessing Officer to assess income if assets or documents seized belong to another person. Disputes have arisen over the interpretation of 'belongs to,' especially with seized document copies. The amendment clarifies that assessment applies if assets or documents pertain to or relate to another person, effective June 1, 2015.