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Finance Acts

Section - 49 - Amendment of section 158BA

Amendment of section 158BA.

49. In section 158BA of the Income-tax Act, with effect from the 1st day of September, 2024,-

(a)- in the marginal heading, for the words "total income", the words "total undisclosed income" shall be substituted and shall be deemed to have been substituted;
(b)- in sub-section (1), for the words "total income", the words "total undisclosed income" shall be substituted and shall be deemed to have been substituted;
[(ba) for sub-section (2) the following sub-section shall be substituted namely:-

(2)(a) The assessment or reassessment or recomputation under the provisions of this Act (other than this Chapter), if any, pertaining to any assessment year falling in the block period, pending on the date of initiation of the search under section 132, or making of requisition under section 132A, as the case may be, shall abate and shall be deemed to have been abated on the date of initiation of search or making of requisition.

(b) Any proceeding for assessment or reassessment or recomputation under any provision of this Act (other than this Chapter) pertaining to any assessment year falling in the block period (other than the assessment year in which the last of the authorisations for a search is executed or r .... To read the full section download the app from Google Play store

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