Amended and updated notes on section 292CC of Income Tax Act 1961 as amended by the Finance Act 2022 and Income-tax Rules, 1962. Detail discussion on provisions and rules related to Authorisation and assessment in case of search or requisition.
Chapter XXIII (Sections 281 to 298) of the Income Tax Act 1961 deals with the provisions related to Miscellaneous. Section 292CC of IT Act 1961 provides for Authorisation and assessment in case of search or requisition.
Recently, we have discussed in detail section 292C (Presumption as to assets, books of account, etc.) of IT Act 1961. Today, we learn the provisions of section 292CC of Income-tax Act 1961. The amended provision of section 292CC is effective for financial year 2022-23 relevant to the assessment year 2023-24.
In this article, you will learn detail of the provisions of section 292CC of the Income Tax Act, 1961 Bare Act read with the Income-tax Rules, 1962 as provided by Ministry of Law and Justice, Government of India.
Section-292CC: Authorisation and assessment in case of search or requisition
Section 292CC(1) of Income Tax Act
Notwithstanding anything contained in this Act,—
- (i) it shall not be necessary to issue an authorisation under section 132 or make a requisition under section 132A separately in the name of each person;
- (ii) where an authorisation under section 132 has been issued or requisition under section 132A has been made mentioning therein the name of more than one person, the mention of such names of more than one person on such authorisation or requisition shall not be deemed to construe that it was issued in the name of an association of persons or body of individuals consisting of such persons.
Section 292CC(2) of Income Tax Act
Notwithstanding that an authorisation under section 132 has been issued or requisition under section 132A has been made mentioning therein the name of more than one person, the assessment or reassessment shall be made separately in the name of each of the persons mentioned in such authorisation or requisition.