TaxTMI 
TaxTMI 
Retention of the seized books of accounts- Section 132(8) of Income-tax Act, 1961
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....on of the seized books of accounts- Section 132(8) of Income-tax Act, 1961 - precaution regarding. The Board had issued instructions on the subject of approval of the commissioner of Income Tax for the continued retention of books of accounts beyond 180 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. Ori....
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....on must be as expeditious as possible after the passing of the order of approval by the Commissioner and in default of such expeditious communication, according to the court, any further retention of the seized books or documents would become invalid and unlawful. 2. In the circumstances, it is necessary that the scrutiny of the seized account and documents by the assessing officer must be comple....
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....tention period as the case may be. In turn, the authorised officer/Income Tax Officer concerned should communicate the factum of approval as well as the reasons recorded by the commissioner of Income Tax to the assessee without any loss of time and in any case not later than 30 days after the expiry of the said period of 180 days or the previously approved retention period. 3. In cases where the ....