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of <h1>New law narrows block assessment to 'total undisclosed income', expands exclusions, formalises AO recomputation power, clarifies assessment routes</h1> The enacted provision narrows and reorganises the original bill's approach by recasting the block-period base as 'total undisclosed income' rather than broader 'total income,' limiting the taxable base to declared undisclosed amounts and AO-determined undisclosed income while moving many previously listed items into explicit exclusions. The Act expands and clarifies exclusion categories (including specified incomes and temporal book-based rules), formalises AO power to recompute partly undisclosed book entries, retains but phrases differently the prohibition on setting off brought-forward losses against undisclosed income and allows carry-forward, and expressly directs certain international/specified domestic transactions out of block assessment into ordinary assessment routes. Practical effect: narrower block scope and clearer exclusion/assessment pathways.
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