Undisclosed income declaration requirement clarified; block-period income aggregation refined and certain transactions excluded from block calculation. The amendment redefines the block-period total income to aggregate: undisclosed income declared in the block return; income assessed prior to initiation of search or requisition under specified assessment provisions; income declared in regular filings prior to initiation and not covered by the prior clauses; income determined from books and documents maintained in the normal course for specified pre- and post-initiation periods; and undisclosed income determined by the Assessing Officer.
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Undisclosed income declaration requirement clarified; block-period income aggregation refined and certain transactions excluded from block calculation.
The amendment redefines the block-period total income to aggregate: undisclosed income declared in the block return; income assessed prior to initiation of search or requisition under specified assessment provisions; income declared in regular filings prior to initiation and not covered by the prior clauses; income determined from books and documents maintained in the normal course for specified pre- and post-initiation periods; and undisclosed income determined by the Assessing Officer.
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