Assessment under the Chapter clarified as additional to regular assessments, preventing double-counting of block period income. The inserted Explanation clarifies that an assessment under the Chapter is in addition to regular assessments for previous years in the block period; ... Summary
Assessment under the Chapter clarified as additional to regular assessments, preventing double-counting of block period income.
The inserted Explanation clarifies that an assessment under the Chapter is in addition to regular assessments for previous years in the block period; total undisclosed income for the block period excludes income already assessed in any regular assessment for those years; and income assessed under the Chapter shall not be included in any regular assessment for previous years in the block period.
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