Introduction of block assessment provisions in cases of search under section 132 and requisition under section 132A (SIMPLIFICATION AND RATIONALISATION)
24 July, 2024
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Block assessment for search cases consolidates years into one assessment, streamlines investigation and prescribes tax and penalty rules. A scheme of block assessment applies where a search under section 132 or requisition under section 132A is initiated on or after the commencement date, ... Summary
Block assessment for search cases consolidates years into one assessment, streamlines investigation and prescribes tax and penalty rules.
A scheme of block assessment applies where a search under section 132 or requisition under section 132A is initiated on or after the commencement date, requiring the Assessing Officer to make one consolidated assessment for a defined block period covering six preceding assessment years and the period up to execution of the last authorisation. Regular assessments for years within the block abate; total income for the block is to include undisclosed income evidenced during search or requisition, undisclosed income attributable to other persons is to be transferred to their jurisdictional Assessing Officer, and specified tax, penalty and timeline rules apply.
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