Amendment of section 153.

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.... in sub-section (3),-- (a) for the words, brackets and figures "sub-sections (1) and (2)", the words, brackets, figures and letter "subsections (1), (1A) and (2)" shall be substituted; (b) for the words "Principal Commissioner or Commissioner" at both the places where they occur, the words "Principal Chief Commissioner or Chief Commissioner or Principal Commissioner or Commissioner, as the case may be," shall be substituted; (IV) after sub-section (3), the following sub-section shall be inserted, namely:-- "(3A) Notwithstanding anything contained in subsections (1), (1A), (2) and (3), where an assessment or reassessment is pending on the date of initiation of search under section 132 or making of requisition under section 132A, the ....

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...., after the word "audited", the words "or inventory valued" shall be inserted; (ii) in sub-clause (a), after the words "such audit", the words "or inventory valuation" shall be inserted; (b) in the first proviso, for the words, brackets and figures "sub-sections (1), (2)", the words, brackets, figures and letter "sub-sections (1), (1A), (2)" shall be substituted. - Clause 72 of the Bill seeks to amend the section 153 of the Income-tax Act relating to time limit for completion of assessment, reassessment and recomputation. It is proposed to amend the third proviso to sub-section (1) to provide that the period of nine months specified therein to pass an order of assessment shall be applicable only to the assessment year commencing on ....

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....bullion, jewellery or other valuable article or thing seized or requisitioned belongs to or in the case of an assessee to whom any books of account or documents seized or requisitioned pertains or pertain to, or any information contained therein, relates to. It is also proposed to amend sub-section (4) of the said section to provide that the provisions thereof shall also be applicable to cases covered by sub-sections (1A) and (3A) of section 153 of the Act. It is also proposed to amend sub-section (5) of the said section to provide that the provision of the said sub-section shall also be applicable to an order under section 263 or section 264 passed by the Principal Chief Commissioner or Chief Commissioner or Principal Commissioner or Com....