Comparison of section 301 "Interpretation." between the Income-Tax Act, 2025 (as passed) and the Income-Tax Bill, 2025 (as originally introduced)

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....eedings u/ss 247-248 and related provisions; affected parties include taxpayers subject to search/requisition, authorised officers and the tax department. Background & Scope Statutory hooks: Clause 301 is situated in the Income Tax Bill, 2025, under the Chapter dealing with "Special procedure for assessment of search cases". It supplies interpretive definitions to be used "in this Chapter". The clause explicitly references sections 247 and 248 (search and requisition) for the operative processes it supports. The Clause provides definitions that govern temporal scope ("block period"), material objects subject to requisition/seizure ("requisitioned items", "seized items"), process milestones ("the last of the authorisations") and the core f....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... representing wholly or partly income or property not disclosed for purposes of the Act in respect of the block period; or (ii) any expense, exemption, deduction or allowance claimed under the Act which is found to be incorrect, in respect of the block period. Interpretation The Clause employs temporal and material markers to delineate the ambit of "undisclosed income" and the period for which such income will be examined ("block period"). The first limb of "undisclosed income" focuses on tangible and intangible assets (including "virtual digital asset") and entries/transactions that reflect nondisclosure. The second limb separately addresses incorrect fiscal claims-expenses, exemptions, deductions or allowances-claimed under the Act. The....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....record to mark the conclusion of search operations. No other Rules, Notifications or Circulars are mentioned in Clause 301. Any application of this Clause in relation to other provisions of the Bill or the Act is Not stated in the document. Differences between Clause 301 (Old Version) and Section 301 (Income-tax Act, 2025) and Practical Impact * Scope marker/heading: The Bill (Clause 301) uses "In this Chapter"; the Act (Section 301) uses "For the purposes of this Part". * Practical impact: Terminology shift (Chapter vs Part) is largely stylistic but may reflect reorganisation of the statute; no substantive legal change is indicated in the texts provided. * Definitions added/omitted: The Bill contains explicit definitions of "requisi....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....tinuous sentence and, per the appended note, corrects a typographical error ("or or any" corrected to "or any"). * Practical impact: Substantively the Act appears to preserve both limbs of the Bill's definition, but the Act's merged wording could affect syntactic clarity and the parsing of whether the second limb is an alternative or a continuation. The corrigenda indicates only a textual correction, not a policy change. * Terminology for virtual assets: Both texts expressly include "virtual digital asset" in the list of items capable of constituting undisclosed income. * Practical impact: Confirms legislative intent to treat virtual assets on par with traditional valuables in search/requisition contexts. * Minor editorial d....