TaxTMI 
TaxTMI 
Question - What are the proposed changes in Section 153C(1) in Finance Bil 2015 ?
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
28 Feb 2015 
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Assessment under section 153C expanded to cover documents that pertain to or relate to other persons, broadening enforcement reach.
The amendment to Section 153C clarifies that where seized money, bullion, jewellery or other assets belong to, or seized books of account or documents pertain to, or information contained therein relates to, a person other than the search target, the seized material must be handed to the Assessing Officer having jurisdiction over that other person, who shall then issue notice and assess or reassess that person under the applicable assessment provisions. (AI Summary)
The amendment to Section 153C clarifies that where seized money, bullion, jewellery or other assets belong to, or seized books of account or documents pertain to, or information contained therein relates to, a person other than the search target, the seized material must be handed to the Assessing Officer having jurisdiction over that other person, who shall then issue notice and assess or reassess that person under the applicable assessment provisions. (AI Summary)