(1) Subject to the provisions of sub-section (2), the records relating to income seized under section 206 shall not be retained by the authorized officer for a period exceeding 60 (sixty) working days from the date of seizure.

(2) Subject to the approval of the Investigating Income Tax Authority, the authorized officer may retain records relating to income for an extended period and the Investigating Income Tax Authority shall not extend the retention period of the relevant records for more than 30 (thirty) days after the completion of proceedings under this Act in any year.

(3) Any person legally entitled to records relating to income seized under section 206, if aggrieved, may file an application against the extension of such preservation, and the Board shall pass such order as it thinks fit, giving the applicant a reasonable opportunity of being heard.