Procedure for block assessment [ Section 158BC ]

Block assessment notice requirement: AO must obtain prior approval and require a return of undisclosed income for the block period.

Where a search is initiated or books, documents or assets requisitioned, the Assessing Officer must issue a notice requiring a return of undisclosed income for the block period within a prescribed period; that return is treated as a regular return, late returns are not so treated, revised returns are disallowed, a limited extension for audit may be granted, the AO will determine total undisclosed income applying specified procedural and valuation provisions and pass an assessment or reassessment order, dispute resolution references are excluded, seized/requisitioned assets are dealt with under the statutory seizure scheme, and prior supervisory approval is required before issuing the notice.