{"act":{"id":"finance-act-2007","short_title":"The Finance Act, 2007","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2007-2008.","act_number":null,"act_year":2007,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":96,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2007/"},"unit":"section","section":{"number":"78","heading":"Insertion of new section 292C","text":"Insertion of new section 292C. 78. After section 292B of the Income-tax Act, the following section shall be inserted and shall be deemed to have been inserted with effect from the 1st day of October, 1975, namely:— \"292C. Presumption as to assets, books of account, etc.—Where any books of account, other documents, money, bullion, jewellery or other valuable article or thing are or is found in the possession or control of any person in the course of a search under section 132, it may, in any proceeding under this Act, be presumed— (i ) that such books of account, other documents, money, bullion, jewellery or other valuable article or thing belong or belongs to such person; (ii ) that the contents of such books of account and other documents are true; and (iii ) that the signature and every other part of such books of account and other documents which purport to be in the handwriting of any particular person or which may reasonably be assumed to have been signed by, or to be in the handwriting of, any particular person, are in that person’s handwriting, and in the case of a document stamped, executed or attested, that it was duly stamped and executed or attested by the person by whom it purports to have been so executed or attested.\". © Copyright. Taxmann Publications Pvt. Ltd.","html":"

Insertion of new section 292C.

78. After section 292B of the Income-tax Act, the following section shall be inserted and shall be deemed to have been inserted with effect from the 1st day of October, 1975, namely:—

\"292C. Presumption as to assets, books of account, etc.—Where any books of account, other documents, money, bullion, jewellery or other valuable article or thing are or is found in the possession or control of any person in the course of a search under section 132, it may, in any proceeding under this Act, be presumed—

(i ) that such books of account, other documents, money, bullion, jewellery or other valuable article or thing belong or belongs to such person;

(ii ) that the contents of such books of account and other documents are true; and

(iii ) that the signature and every other part of such books of account and other documents which purport to be in the handwriting of any particular person or which may reasonably be assumed to have been signed by, or to be in the handwriting of, any particular person, are in that person’s handwriting, and in the case of a document stamped, executed or attested, that it was duly stamped and executed or attested by the person by whom it purports to have been so executed or attested.\".

© Copyright. Taxmann Publications Pvt. Ltd.

","words":226,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2007/section/78/","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."}