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TMI BlogAmendments proposed in provisions of Block assessment for search and requisition cases under Chapter XIV-BX X X X Extracts X X X X X X X X Extracts X X X X ..... 2024, the concept of block assessment was introduced by amending provisions of Chapter XIV-B (sections 158B to 158BI of the Act) to be made applicable where a search under section 132 of the Act is initiated or requisition under section 132A of the Act is made, on or after 01st September, 2024. 2. Section 158B of the Act defines "undisclosed income" for the purposes of Chapter XIV-B. It is propo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (5) of the said section. 4. Sub-section (4) of section 158BA of the Act provides that where any assessment under Chapter XIV-B is pending in the case of an assessee in whose case a subsequent search is initiated, or a requisition is made, such assessment shall be duly completed, and thereafter, the assessment in respect of such subsequent search or requisition shall be made under the provisions ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion 148, prior to the date of initiation of the search or the date of requisition, shall form part of the total income of the block period for which credit would be given while charging the tax for the said period. It is also proposed to omit the word total from 'total income' in clause (ii) and (iii) of the sub-section (1). It is also proposed to amend clause (iv) of sub-section (1) to provide th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 's length price of part period transactions. It is proposed to amend the said sub-section to provide that the income pertaining to any international transaction or specified domestic transaction shall not be considered in the income of the block period. Therefore, in the said sub-section, it is proposed to provide the reference to such income instead of evidence as provided earlier. 7. Section 15 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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