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TypeBare Act JurisdictionCentral Government Enacted2003

Finance Act, 2003 Section 59

AMENDMENT OF SECTION 132 In section 132 of the Income tax Act,-with effect from the 1st day of June, 2003,

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https://sooperkanoon.com/act/250421

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About this section

Finance Act, 2003 Section 59 is part of Finance Act, 2003 - AMENDMENT OF SECTION 132 In section 132 of the Income tax Act,-with effect from the 1st day of June, 2003,. Read the section text below and explore Indian court judgments that cite it.

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Section Text

a) in sub-section (1),-

(i) after clause (in), 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) ofsection 158BC-" shall be substituted.

Frequently asked questions

What does Finance Act, 2003 Section 59 provide?

Section Section 59 of the Finance Act, 2003 (AMENDMENT OF SECTION 132 In section 132 of the Income tax Act,-with effect from the 1st day of June, 2003,) is reproduced on this page as part of the Finance Act, 2003. Lawyers and researchers use it to read the statutory wording before checking how courts have applied this section in reported judgments.

How do I find judgments on Finance Act, 2003 Section 59?

Open “Find citing judgments” on this page to search Supreme Court, High Court, and tribunal decisions that reference Finance Act, 2003 Section 59. Advanced act search can narrow results by court, year, or additional act filters.

Is the section text on SooperKanoon official?

SooperKanoon hosts bare act text for research and quick reference. For filings or compliance in Central, confirm the wording against the official state gazette or authorized publication.

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