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of <h1>Assessing Officer must assess total undisclosed block-period income for searches under sections 132/132A initiated on or after 1 Sept 2024</h1> Where a search or requisition under sections 132/132A is initiated on or after 1 September 2024, the Assessing Officer must assess or reassess the total undisclosed income for the block period under this Chapter. Regular assessments or reassessments for years within the block period that are pending at initiation of search/requisition, and related transfer-pricing references or orders, abate and are deemed abated on that date; they may revive if an assessment under this Chapter is annulled on appeal. Subsequent searches trigger separate completion and assessment procedures. Total undisclosed income of the block period is taxed at the special rate, and normal income for the final relevant year is assessed separately.
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