The Assessing Officer, with prior approval of the Principal Commissioner of Income-tax, surveyed the business premises of Orion Foods Pvt. Ltd.,…

The Assessing Officer, with prior approval of the Principal Commissioner of Income-tax, surveyed the business premises of Orion Foods Pvt. Ltd., which was within his jurisdiction, at 9:00 p.m. on 1.6.2024 for the purpose of obtaining information which may be relevant to the proceedings under the Income-tax Act, 1961. The survey operations continued till 11:05 p.m. On 15.6.2024, the Assessing Officer entered the business premises of Horizon Appliances Ltd., which was also within his jurisdiction, at 8:25 p.m. for the purpose of collecting information which may be useful for the purposes of the Income-tax Act, 1961, and left the premises at 9:20 p.m. The business premises of Orion Foods Pvt. Ltd. are kept open for business every day between 10 a.m. and 10 p.m., and the business premises of Horizon Appliances Ltd. are kept open every day between 9:30 a.m. and 9:30 p.m. In both the above cases, the Assessing Officer impounded and retained in his custody, for a period of 12 days (inclusive of holidays), the books of account and other documents inspected by him, after recording reasons for doing so. However, he did not obtain specific permission from the Principal Commissioner for this action. In July 2024, the business premises of Vanguard Developers Ltd. were searched after following the due procedure laid down under section 132, consequent to which the Assessing Officer came into possession of certain documents showing information pertaining to shares valued at 34 lakhs purchased in P.Y. 2017-18 and shares valued at 25 lakhs purchased in P.Y. 2018-19. From the information given above, choose the most appropriate answer of MCQs Q.9 to Q.12: