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of <h1>Finance Act Section 49(2) Amended: Tax Proceedings Abate Upon Search or Requisition Initiation from Sept 2024</h1> Section 49 of the Finance Act, 2025 is amended to insert a new clause effective from September 1, 2024, which substitutes sub-section (2). It provides that any assessment, reassessment, or recomputation related to assessment years within a block period that is pending at the time of initiation of a search or requisition under specified sections shall abate from that date. Additionally, any proceedings initiated by notice during the period from the search or requisition initiation until the issuance of an order under a specified provision shall also abate from the date the notice was issued. This amendment ensures that ongoing tax proceedings related to block periods are terminated upon the commencement of certain investigative actions.
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