The NDA Government led by Prime Minister Narendra Modi made history by getting the Finance Bill passed before the commencement of the financial year 2017-18. The Opposition cried foul for overriding tax law amendments in the Rajya Sabha and a few other changes in the Finance Bill. Apart from diluting the procedure for appointments to a few tax Appellate Tribunals and merger of such quasi-judicial bodies, the major point of the Opposition attack pertained to amendments to Section 132 of the Income Tax Act relating to the search and seizure of property.
The Finance Act 2017-18 has in-serted an explanation to sub section (1) & 1(A) of Section 132 and sub section 1 of Section 132 A of the Income Tax Act to declare that reason to believe or reason to suspect shall not be disclosed to any person or any Authority or Appellate Tribunal with retrospective effect from April 1962 and October 1, 1975, respectively. This has been done to cover the ambiguity created by some judicial pronouncements.
Further sub section (9B) & (9C) has been inserted in Section 132 to provide during search or seizure or within 60 days from the last day of authorization of search was executed an attachment of property provisionally belonging to the assessee with the prior approval of the DG or the Pr DIT (Inv).
Such provisional attachment of property shall cease to have effect after six months of the date of order of the attachment. Sub section 9(D) inserted provides for reference to the Valuation Wing to estimate a fair market value of property and the Valuation Officer is required to furnish his report in 60 days.
Section 133 empowers the tax authorities to call for information for an inquiry or proceedings under the Act with the prior approval of the Pr CIT or Pr DIT. It is now provided that the Joint or Deputy or Assistant Director will require no prior approval to exercise this power.
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