9911796707
TMI BlogIntroduction of block assessment provisions in cases of search under section 132 and requisition under section 132A (SIMPLIFICATION AND RATIONALISATION)X X X X Extracts X X X X X X X X Extracts X X X X ..... , 148 , 149 , 151 and 151A of the Act were also amended to provide that in case of search, survey or requisition initiated or conducted on or after the 1st April, 2021, it shall be deemed that the Assessing Officer (AO) has information which suggests that the income chargeable to tax has escaped assessment in the case of the assessee for the three assessment years immediately preceding the assessment year relevant to the previous year in which the search is initiated or requisition is made or any material is seized or requisitioned. Further, if the AO has information which suggests that the income escaping assessment, represented in the form of asset, amounts to or is likely to amount to fifty lakh rupees or more, notice under section 148 c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... has been initiated or made. The main objectives for the introduction of this scheme are early finalization of search assessments, coordinated investigation during search assessments and reduction in multiplicity of proceedings. 3.1 It is proposed to amend the provisions of Chapter XIV-B of the Act , to provide the following for assessment of search cases: (i) 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, the Assessing Officer shall proceed to assess or reassess the total income of such person in accordance with the provisions of the said Chapter. (ii) The block period shall consis ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s of this Act, on the basis of evidence found as a result of search or survey in consequence of such search or requisition of books of account or other documents and such other materials or information as are either available with the Assessing Officer or come to his notice by any means during the course of proceedings under the said Chapter. (vi) The assessment in respect of any other person shall be governed by the provisions of section 158BD , which provides that where the Assessing Officer is satisfied that any undisclosed income belongs to or pertains to or relates to any person, other than the person with respect to whom search was made or whose books of account or other documents or any assets were requisitioned, then, any money, bul ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... which the last of the authorisations for search under section 132 , or requisition under section 132A , was executed or made. The time-limit for completion of block assessment of any other person shall be twelve months from the end of the month in which the notice under section 158BC in pursuance of section 158BD , was issued to such other person. However, an exclusion of nearly six months shall be available in respect of period from date of search to the date of handing over of seized material to the Assessing Officer. (x) Where any evidence found as a result of search or requisition relates to any international transaction or specified domestic transaction referred to in section 92CA , pertaining to the period beginning from the 1st day o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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