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TMI BlogInsertion of New Chapter XIVBX X X X Extracts X X X X X X X X Extracts X X X X ..... the date of the commencement of such search or, as the case may be, the date of such requisition; (b) "undisclosed income" includes any money, bullion, jewellery or other valuable article or thing or any income based on any entry in the books of account or other documents or transactions, where such money, bullion, jewellery, valuable article, thing, entry in the books of account or other document or transaction represents wholly or partly income or property which has not been or would not have been disclosed for the purposes of this Act. 158BA. Assessment of undisclosed income as a result of search (1) Notwithstanding Anything Contained In Any Other Provisions Of This Act, Where After The 30th day of June, 1995, a search is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pter IV, on the basis of evidence found as a result of search or requisition of books of account or documents and such other materials or information as are available with Assessing Officer, as reduced by the aggregate of the total income, or as the case may be, as increased by the aggregate of the losses of such previous years, determined, - (a) where assessments under section 143 or section 144 or section 147 have been concluded, on the basis of such assessments; (b) where returns of income have been filed under section 139 or section 147 but assessments have not been made till the date of search or requisition, on the basis of the income disclosed in such returns; (c) where the due date for filing a return of income has expired but ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uting the undisclosed income of the block period, the provisions of sections 68, 69, 69A, 69B and 69C shall, so far as may be, apply and references to "financial year" in the those sections shall be construed as references to the relevant previous year falling in the block period including the previous year ending with the date of search or of the requisition. (3) The burden of proving to the satisfaction of the Assessing Officer that any undisclosed income had already been disclosed in any return of income filed by the assessee before the commencement of search or of the requisition, as the case may be, shall be on the assessee. (4) For the purpose of assessment under this Chapter, losses brought forward from the previous yea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ized under section 132 or requisitioned under section 132A shall be retained to the extent necessary and the provisions of section 132B shall apply subject to such modifications as may be necessary and the references to "regular assessment" or "reassessment" in section 132B shall be construed as references to "block assessment". 158BD. Undisclosed income of any other person Where The Assessing Officer Is Satisfied That Any Undisclosed Income Belongs To Any Person, Other Than The person with respect to whom search was made under section 132 or whose books of account or other documents or any assets were requisitioned under section 132A, then, the books of account, other documents or assets seized or requisit ..... X X X X Extracts X X X X X X X X Extracts X X X X
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