TaxTMI 
TaxTMI 
Definitions
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....sclosed income" includes any money, bullion, jewellery 5[, virtual digital asset] or other valuable article or thing or any expenditure or any income based on any entry in the books of account or other documents or transactions, where such money, bullion, jewellery 5A[, virtual digital asset], valuable article, thing, entry in the books of account or other document or transaction represents wholly or partly income or property which has not been or would not have been disclosed for the purposes of this Act, or any expense, exemption, deduction or allowance claimed under this Act which is found to be incorrect, in respect of the block period. Explanation.-For the purposes of this Chapter, the last of the authorisations shall be deemed to hav....
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.... of thirty per cent. (2) For the purposes of sub-section (1),- (a) where such person has furnished two or more returns of income for the same assessment year, the total income declared in the return furnished last before the service of a notice under sub-section (2) of section 143 on such person shall be treated as the returned income; (b) where such person fails to furnish the return of income in respect of any assessment year and the assessment for that year is made under section 144, the returned income shall be taken to be the total income on which tax, by way of advance tax, deduction of tax at source and otherwise, has been paid, and where no such tax has been paid, the returned income shall be taken to be nil; (c) where such ....
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....eemed to be a notice under section 156 and all the provisions of this Act shall apply accordingly; (ii) in a case where the additional income-tax is reduced, the excess amount paid, if any, shall be refunded. (4) The Chief Commissioner or Commissioner may, in his discretion, whether on his own motion or otherwise, waive or reduce the amount of additional income-tax payable under sub-section (1) by any person, if he is satisfied that the whole or, as the case may be, any part of the excess amount referred to in that sub-section is attributable to any amount added or disallowed in computing the assessed income or loss as a result of the rejection of any explanation (by way of interpretation of any provision of this Act or otherwise) offer....
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.... be treated as forming part of the returned income, unless,- (i) such income is, or the transactions resulting in such income are, recorded,- (A) in a case falling under clause (a), before the date of the search; and (B) in a case falling under clause (b), on or before the date of the search, in the books of account, if any, maintained by him for any source of income or such income is otherwise disclosed to the Chief Commissioner or Commissioner before the said date; or (ii) the assessee, in the course of the search, makes a statement under sub-section (4) of section 132 that the money, bullion, jewellery or other valuable article or thing found in his possession or under his control, has been acquired out of his income which has ....
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....OF SEARCH CASES Definitions. 158B. In this Chapter, unless the context otherwise requires,- 2[(a) "block period" means the period comprising previous years relevant to six assessment years preceding the previous year in which the search was conducted under section 132 or any requisition was made under section 132A and also includes the period up to the date of the commencement of such search or date of such requisition in the previous year in which the said search was conducted or requisition was made : Provided that where the search is initiated or the requisition is made before the 1st day of June, 2001, the provisions of this clause shall have effect as if for the words "six assessment years", the words "ten assessment years" ha....