Introducing the “In Favour Of” filter in Case Laws.
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Introducing the “In Favour Of” filter in Case Laws.
Try it now in Case Laws →
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of <h1>Income-tax Ordinance 1996 Updates: New Rules for Block Assessments on Searches from January 1, 1997, Under Chapter XIVB.</h1> The Income-tax (Second Amendment) Ordinance, 1996, effective January 1, 1997, introduces changes to the special procedure for assessing search cases under Chapter XIVB of the Income-tax Act, 1961. The provisions of sections 4 to 10 of the Ordinance apply only to block assessments from searches initiated on or after January 1, 1997. For searches initiated before this date, the previous provisions apply, including no interest or penalty, assessment approval by the Commissioner, first appeal to the ITAT, no prosecution for filing delays, and a one-year limitation period for passing orders. These instructions are to be communicated to all officers immediately.
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