Undisclosed income definition expanded to include virtual digital assets and clarifies block period and authorisation timing. The provision defines block period as the period comprising previous years relevant to six assessment years preceding the previous year in which a search ... Summary
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Undisclosed income definition expanded to include virtual digital assets and clarifies block period and authorisation timing.
The provision defines block period as the period comprising previous years relevant to six assessment years preceding the previous year in which a search or requisition occurs and includes the period from the first day of April of that previous year up to execution of the last authorisation; the timing of the last authorisation is the conclusion recorded in the last panchnama for searches and actual receipt of books, documents or assets for requisitions. Undisclosed income includes money, bullion, jewellery, virtual digital assets, other valuables, expenditures or income recorded in books or documents that represent income or property not disclosed for the purposes of the Act, and incorrect expenses or allowances relating to the block period.
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