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62. Amendment of section 42D. |
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—Section 42D of the Wealth-tax Act shall be renumbered as sub-section (1) thereof and after sub-section (1) as so renumbered, the following sub-section shall be inserted and shall be deemed to have been inserted with effect from the 1st day October, 1975, namely:—
‘‘(2) Where any books of account, other documents or assets have been delivered to the requisitioning officer in accordance with the provisions of section 37B, then, the provisions of sub-section (1) shall apply as if such books of account, other documents or assets which had been taken into custody from the person referred to in clause (a) or clause (b) or clause (c), as the case may be, of sub-section (1) of section 37B, had been found in the possession or control of that person in the course of a search under section 37A.".
Clause 62 seeks to amend section 42D of the Wealth-tax Act, which relates to presumption as to assets, books of account, etc.
The said section provides that 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 37A, it may, in any proceeding under this Act, be presumed that—
(i) such books of account, other document, money, bullion, jewellery or other valuable article or thing belong or belongs to such person;
(ii) the contents of such books of account and other documents are true; and
(iii) 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.
It is proposed to amend the said section so as to extend the above mentioned presumption also to books of account, other documents or assets which have been delivered to the requisitioning officer in accordance with the provisions of section 37B.
This amendment will take effect retrospectively from 1st October, 1975.
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