Clause 301 - Interpretation.

Undisclosed income definitions clarify assessment scope in search and requisition proceedings under income tax law.

Definitions set the temporal and substantive boundaries for special assessment of search cases: the block period aggregates six preceding tax years plus the period from the tax year's start to the execution of the last authorisation; the last of the authorisations is the conclusion recorded in the final panchnama or actual receipt of requisitioned items. 'Search,' 'requisition,' 'seized items' and 'requisitioned items' identify the actions and property involved. Undisclosed income includes money, bullion, jewellery, virtual digital assets, other valuables, entries or transactions representing undisclosed income or incorrect claims of expense, exemption, deduction or allowance for the block period.