{"act":{"id":"finance-act-2003","short_title":"The Finance Act, 2003","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2003-2004.","act_number":null,"act_year":2003,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":108,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2003/"},"unit":"section","section":{"number":"59","heading":"Amendment of section 132","text":"Amendment of section 132. 59. In section 132 of the Income-tax Act, with effect from the 1st day of June, 2003,— (a ) in sub-section (1),— (i) after clause (iii), the following proviso shall be inserted, namely :— \" Provided that bullion, jewellery or other valuable article or thing, being stock-in-trade of the business, found as a result of such search shall not be seized but the authorised officer shall make a note or inventory of such stock-in-trade of the business;\"; (ii) after the second proviso, the following proviso shall be inserted, namely :— \" Provided also that nothing contained in the second proviso shall apply in case of any valuable article or thing, being stock-in-trade of the business.\"; (b ) in sub-section (8), for the words, brackets, letters and figures \"under clause (c) of section 158BC\", the words, brackets, letters and figures \"under section 153A or clause (c) of section 158BC\" shall be substituted. © Copyright. Taxmann Publications Pvt. Ltd.","html":"<p><b>Amendment of section 132.</b></p><p><b>59.</b> In section 132 of the Income-tax Act, with effect from the 1st day of June, 2003,—</p><p>(<i>a</i> ) in sub-section (1),—</p><p>(<i>i</i>) after clause (<i>iii</i>), the following proviso shall be inserted, namely :—</p><p>\" <b>Provided</b> that bullion, jewellery or other valuable article or thing, being stock-in-trade of the business, found as a result of such search shall not be seized but the authorised officer shall make a note or inventory of such stock-in-trade of the business;\";</p><p>(<i>ii</i>) after the second proviso, the following proviso shall be inserted, namely :—</p><p>\" <b>Provided</b> <b>also </b>that nothing contained in the second proviso shall apply in case of any valuable article or thing, being stock-in-trade of the business.\";</p><p>(<i>b</i> ) in sub-section (8), for the words, brackets, letters and figures \"under clause (<i>c</i>) of section 158BC\", the words, brackets, letters and figures \"under section 153A or clause (<i>c</i>) of section 158BC\" shall be substituted.</p><p>© Copyright. Taxmann Publications Pvt. Ltd.</p>","words":161,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2003/section/59/","note":null,"source_note":"Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument.","judgments_note":"Judgment holdings are the ratio decidendi as extracted from the order by eCourts India, reproduced unaltered. Reported judgments only.","licence":"Published with commentary and other original matter under s.52(1)(q)(ii), Copyright Act 1957."}