Income-tax Act, 1961

Assessment of ³²[total undisclosed income] as a result of search.

158BA. (1) Notwithstanding anything in any other provisions of this Act, where on or after the 1st day of September, 2024, a search is initiated under section 132, or books of account, other documents or any assets are requisitioned under section 132A, in the case of any person, then, the Assessing Officer shall proceed to assess or reassess the ³²[total undisclosed income] of the block period in accordance with the provisions of this Chapter.

^32a[(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 requisition is made), for which a notice has been issued during the period commencing on the date of initiation of search under section 132 or making of requisition under section 132A and ending on the date of making of order under section 132A and ending on the dated making of order under clause (c) of sub-section (1) of section 158BC, shall abate and shall be deemed to have been abated on the date of issue of such notice.]

(3) Where during the course of any pending proceeding for the assessment or reassessment or recomputation under the provisions of this .... To read the full section download the app from Google Play store