TaxTMI 
TaxTMI 
Assessment of total income as a result of search [ Section 158BA ]
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....e Finance Act, 2024 - Notwithstanding anything in any other provisions of this Act, In case of any person * if a search is conducted under section 132 or * if books of account, documents, or assets are requisitioned under section 132A * on or after September 1, 2024, the Assessing Officer shall assess or reassess the total income for the relevant block period in accordance wit....
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....date of initiation of the search u/s 132, or making of requisition u/s 132A, as the case may be, shall abate and shall be deemed to have abated on the date of initiation of search or making of requisition. * In other words Any pending assessment, reassessment, or recomputation under this Act (excluding this Chapter) for an assessment year within the block period will be considered null and ....
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.... the case of an assessee in whose case a subsequent search is initiated, or a requisition is made, such assessment shall be duly completed, and thereafter, the assessment in respect of such subsequent search or requisition shall be made under the provisions of this Chapter. * In a case where the period of completing the assessment in respect of subsequent search is less than three months such pe....
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.... of the order of such annulment by the Principal Commissioner or Commissioner. * such revival shall cease to have effect, if such order of annulment is set aside. [ Section 158BA(5) ] Separate Assessment Procedures for Income Relevant to Final Search or Requisition * The total income (other than undisclosed income) of the assessment year relevant to the previous year in which the last of the ....