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TMI BlogComputation of total income of block period.X X X X Extracts X X X X X X X X Extracts X X X X ..... ponse to a notice under section 268(1) or 280 in respect of tax years comprising the block period, which is not covered under clause (a) or (b); (d) income determined-- (i) in respect of a tax year, where such tax year has ended and the due date for furnishing the return for such year has not expired prior to the date of initiation of the search or the date of requisition, on the basis of entries relating to such income or transactions as recorded in the books of account and other documents maintained in the normal course before the date of initiation of search or the date of requisition; (ii) in respect of period commencing from 1st April of the tax year in which the search is initiated or requisition is made and ending on the day im ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ent made under other provisions of this Act, if-- (a) such income pertains to the period beginning from the 1st April of the tax year in which last of the authorisations was executed and ending with the date of execution of the last of the authorisations; and (b) such income is required to be determined-- (i) as a result of search or requisition of books of account or other documents; or (ii) based on any other material or information as are either available with the Assessing Officer or comes to his notice during the course of proceedings under this Chapter; or (iii) based on entries relating to income or transactions as recorded in books of account and other documents maintained in the normal course on or before the date of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sub-section (1)(d) is a loss. (7) For the purposes of assessment, losses brought forward from the tax year (prior to the first tax year comprising the block period) under Chapter VII or unabsorbed depreciation under section 33(11) shall not be set off against the undisclosed income determined in the block assessment under this Chapter. (8) Losses or unabsorbed depreciation as referred to in sub-section (7) may be carried forward for being set off in the tax year subsequent to the tax year in which the block period ends, for the remaining period, taking into account the block period and such tax year, and as per the provisions of this Act. - Clause 293 of the Bill provides for computation of total income of block period in search cases. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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