70[Assessment in case of search
or requisition.
153A. 71[(1)]
Notwithstanding anything contained in section 139,
section 147, section 148,
section 149, section 151
and section 153, in the case of a person where a
search is initiated under section 132 or books of account, other documents or
any assets are requisitioned under section 132A
after the 31st day of May, 2003, the Assessing Officer shall—
(a) issue notice to such person requiring him to
furnish within such period, as may be specified in the notice, the return of
income in respect of each assessment year falling within six assessment years
referred to in clause (b), in the prescribed form and
verified in the prescribed manner and setting forth such other particulars as
may be prescribed and the provisions of this Act shall, so far as may be, apply
accordingly as if such return were a return required to be furnished under section 139;
(b) assess or reassess the total income of six
assessment years immediately preceding the assessment year relevant to the
previous year in which such search is conducted or requisition is made :
Provided that the
Assessing Officer shall assess or reassess the total income in respect of each
assessment year falling within such six assessment years:
Provided further that
assessment or reassessment, if any, relating to any assessment year falling
within the period of six assessment years referred to in this 72[sub-section] pending on the date of
initiation of the search under section 132 or
making of requisition under section 132A, as the
case may be, shall abate.
73[(2) If
any proceeding initiated or any order of assessment or reassessment made under
sub-section (1) has been annulled in appeal or any other legal proceeding,
then, notwithstanding anything contained in sub-section (1) or section 153, the assessment or reassessment relating
to any assessment year which has abated under the second proviso to sub-section
(1), shall stand revived with effect from the date of receipt of the order of
such annulment by the Commissioner:
Provided that such revival shall cease
to have effect, if such order of annulment is set aside.]
Explanation.—For the removal of
doubts, it is hereby declared that,—
(i) save as otherwise provided in this section, section 153B and section
153C, all other provisions of this Act shall apply to the assessment made
under this section;
(ii) in an assessment or reassessment made in
respect of an assessment year under this section, the tax shall be chargeable
at the rate or rates as applicable to such assessment year.