Presumption as to books of accounts, other documents, etc.

Section 292C of the Income-tax Act provides for a rebuttable presumption with respect to books of account, other documents, money, bullion, jewelry or other valuable article or thing found in the possession or control of any person in the course of a search under section 132.

Section 292C of the Income-tax Act has been amended so as to extend this presumption to –

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(i) books of account, other documents, etc., found in the possession or control of any person in the course of a survey operation; (This amendment has been made applicable with retrospective effect from 1st June, 2002.)

(ii) Books of account, other documents or assets which have been delivered to the requisitioning officer in accordance with the provisions of section 132A. (This amendment has been made applicable with retrospective effect from 1st October,
1975.)

Applicability:
As indicated against each amendment.

WEALTH TAX ACT

Similar amendment has also been carried out under section 42D of the Wealth tax Act to extend this presumption to books of account, other documents or assets which have been delivered to the requisitioning officer in accordance with the provisions of section 37B of the Wealth-tax Act.

Applicability: This amendment has been made applicable with retrospective effect from 1st October, 1975.

Note: Above is the Analysis of Amendment made by The Finance Act, 2008.

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