TaxTMI 
TaxTMI 
Procedure for block assessment
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....cribed, setting forth his 6[****] undisclosed income, for the block period: Provided that such return shall be considered as if it was a return furnished under the provisions of section 139 and notice under sub-section (2) of section 143 shall thereafter be issued: Provided further that any return of income, required to be furnished by an assessee under this section and furnished beyond the period allowed in the notice shall not be deemed to be a return under section 139: Provided also that no notice under section 148 is required to be issued for the purpose of proceeding under this Chapter: Provided also that a person who has furnished a return under this clause shall not be entitled to furnish a revised return: 7[Provided also&n....
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....alt with in accordance with the provisions of section 132B. (2) The provisions of sub-section (1) of section 143 shall not apply to the return furnished under this section. (3) The Assessing Officer, before issuance of notice under clause (a) of sub-section (1), shall take prior approval of the Additional Commissioner or the Additional Director or the Joint Commissioner or the Joint Director, as the case may be.] *************** NOTES:- 1. Inserted vide Section 32 of the Finance Act, 1995 w.e.f. 01-07-1995 2. Substituted vide Section 4 of the Income-tax (Amendment) Act, 1997 w.e.f. 01-01-1997 before it was read as, "(a) the Assessing Officer shall serve a notice to such person ....
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....uisitioned after the 30th day of June, 1995, but before the 1st day of January, 1997, serve a notice to such person requiring him to furnish within such time not being less than fifteen days; (ii) in respect of search initiated or books of account or other documents or any assets requisitioned on or after the 1st day of January, 1997, serve a notice to such person requiring him to furnish within such time not being less than fifteen days but not more than forty-five days, as may be specified in the notice a return in the prescribed form and verified in the same manner as a return under clause (i) of sub-section (1) of section 142, setting forth his total income including the undisclosed income for the block period : Provided that no n....