Anumanchipalli Sathikonda
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A BRIEF DISCUSSION ON THE PROPOSED NEW CHAPTER XIV-B IN THE FINANCE BILL SPECIAL PROCEDURE FOR ASSESSMENT OF SEARCH CASES Text of Section Definitions. 158B. In this Chapter, unless the context otherwise requires,- (a) "block period" means the period comprising previous years relevant to six ass
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FAQ :
The proposed Chapter XIV-B introduces a special procedure for the assessment of income in cases where a search under section 132 or a requisition of documents under section 132A has been conducted by tax authorities.
The 'block period' includes the previous years relevant to six assessment years preceding the year of the search or requisition, plus the period from April 1st of the search/requisition year up to the date the last authorisation was executed.
'Undisclosed income' covers money, bullion, jewellery, or other valuable articles not declared, as well as income based on book entries or transactions that were not disclosed for tax purposes, or incorrect expenses/deductions claimed.
Any assessment, reassessment, or re-computation proceedings pending for an assessment year within the block period, as of the date of the search or requisition, will abate.
The total income relating to the block period is charged to tax at the rate specified in section 113, irrespective of the specific previous year(s) to which such income relates.
No, losses brought forward from previous years (before the block period) or unabsorbed depreciation cannot be set off against undisclosed income determined in the block assessment under this chapter.
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