Block Assessment Reveals Undisclosed Income Taxed at 60% Under Section 113, With Surcharge Applying to Specific Assessment Years

In block assessment of search cases under Section 113, undisclosed income determined during the block period is taxable at a sixty percent rate. The tax is subject to applicable surcharge levied by Central Act for the relevant assessment year when the search or requisition is initiated. Recent legislative amendments have modified the provision's effective date, with insertions and omissions noted in Finance Acts of 2024 and 2025.