Procedure for retention of seized books of accounts beyond 180 days.

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.... days from time to time. The question came up before their lordships of the Supreme Court in the case of Commissioner of Income Tax vs. Oriental Rubber Works and the judgement dated 15.11.1983 has been reported in (1983) 15 Taxman 51 (SC). Their lordships held that though section 132(8) of the Income Tax Act, 1961 does not in terms provide that the Commissioner's approval or the recorded reasons o....

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....l. 2. In the circumstances, it is necessary that the scrutiny of the seized accounts and documents by the assessing officer must be completed as early as possible so that there is no need to keep the books and documents which are not necessary for the purposes of assessments/prosecutions. For every approval of the Commissioner, the procedure laid down by the Supreme Court will have to be follow....