Assessee s house was surveyed on MAY 2025 and the statement was recorded disclosing the additional income from the FY 2019-20 to FY 2026-27(Running year). Whether the assessment will be on block assessment concept? The Assessee should expect 148 notice for the previous years. Or any other way for the assessee to pay the taxes and step out of the proceedings. What will be the next action by the IT department. The assessee had filed the return for FY 2024-25. Any specific procedures for these survey cases??
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Incometax SURVEY
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| Aspect | Explanation |
|---|---|
| Block Assessment Applicability | Usually No (survey ≠ search/seizure) |
| Notices for Previous Years | Likely Section 148 for relevant years |
| Current Year Assessment | Regular assessment on filed return |
| Payment Option | Declare income voluntarily + pay tax + interest |
| Next Action | Notice issuance → Assessment → Demand → Penalty |
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