Amendment of section 132
Section 59 of the Finance Act, 2003 deals with amendment of section 132. 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-
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.
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Section 59, The Finance Act, 2003.
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Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.
This section refers to
Questions about Section 59
What does Section 59 of the Finance Act deal with?
Section 59 of the Finance Act is headed "Amendment of section 132". 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-
How do I find court cases under Section 59 of the Finance Act?
In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Finance Act 2003 59, section 59 Finance Act 2003, section 59 of the Finance Act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.
What should I read with Section 59 of the Finance Act, and has it changed?
Its own text turns on Income-tax Act 132 (Search and seizure), so none of them can safely be read on its own.
When was the Finance Act enacted?
Finance Act was enacted in 2003. India Code records no commencement date for it. It is in force as at the date shown on this page.
Other sections of this Act
- First Schedule. First Schedule5940 words
- 2. Income-tax2243 words
- 6. Amendment of section 101472 words
- 40. Insertion of new section 80-IC1270 words
- 99. Insertion of Thirteenth and Fourteenth Schedules1215 words
- 65. Insertion of new sections 153A, 153B and 153C977 words
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