Income Tax Search and Seizure: “Insertion of Section 79a”-Plugging of Lacuna by the Finance Bill 2022
Introduction:- In the Union Budget 2022-23 through Finance Bill 2022, among other tax measures, the Hon’ble Finance Minister recommended: “Insertion of New Section 79A: – No set-off of losses consequent to search, requisition, and survey”. Para 136 of the Hon’ble Finance Minister’s Speech denotes the