Tax in block assessments: undisclosed income of the block period taxed at a fixed high flat rate. The amendment provides that the total undisclosed income of the block period, determined under the prescribed income-determination procedure, shall be chargeable to tax at the rate of sixty per cent, applying a single flat tax treatment to block assessments arising from search cases.
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Tax in block assessments: undisclosed income of the block period taxed at a fixed high flat rate.
The amendment provides that the total undisclosed income of the block period, determined under the prescribed income-determination procedure, shall be chargeable to tax at the rate of sixty per cent, applying a single flat tax treatment to block assessments arising from search cases.
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