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TMI BlogAssessment of total income as a result of search [ Section 158BA ]X X X X Extracts X X X X X X X X Extracts X X X X ..... of this Act, In case of any person if a search is conducted under section 132 or if books of account, documents, or assets are requisitioned under section 132A on or after September 1, 2024, the Assessing Officer shall assess or reassess the total income for the relevant block period in accordance with the provisions of this Chapter. [ Section 158BA(1) ] Block period means the period comprising pr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... abate and shall be deemed to have abated on the date of initiation of search or making of requisition. In other words Any pending assessment, reassessment, or recomputation under this Act (excluding this Chapter) for an assessment year within the block period will be considered null and void as of the date the search u/s 132 or the requisition u/s 132A is initiated. [ Section 158BA(2) ] Where duri ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... isition shall be made under the provisions of this Chapter. In a case where the period of completing the assessment in respect of subsequent search is less than three months such period shall be extended to three months from the end of the month in which the assessment in respect of the earlier search was completed. [ Section 158(4) ] Revival of Abated Assessments After Annulment of Section 158BC( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ns for a search is executed or a requisition is made, shall be assessed separately in accordance with the other provisions of this Act. [ Section 158BA(6) ] Tax Rate for Income Relating to the Block Period The total income relating to the block period shall be charged to tax, at the rate specified in section 113 (i.e. 60% plus surcharge and cess) , as income of the block period irrespective of the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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