Block period definition governs temporal scope for assessing undisclosed income, including virtual digital assets and documents.
Clause 301 defines the block period as the six tax years preceding the tax year of a search or requisition plus the portion of that tax year to the date of the last authorisation, and deems the last authorisation executed on the conclusion recorded in the last panchnama for searches or on actual receipt for requisitions. It defines undisclosed income in two limbs: tangible and intangible items or entries representing undisclosed income (including virtual digital assets), and expenses/exemptions/deductions/allowances claimed under the Act that are found incorrect, and it lists books, documents and valuables as requisitioned or seized items.