Section 158BC of Income Tax Act 1961-Procedure for block assessment.
(1) Where any search has been initiated under section 132 or books of account, other documents or assets are requisitioned under section 132A, in the case of any person, then,—
(a) | the Assessing Officer shall, in respect of search initiated, or books of account or other documents or any assets requisitioned, on or after the 1st day of September, 2024, issue a notice to such person, requiring him to furnish within such period, not exceeding a period of sixty days, as may be specified in the notice, a return in the form and verified in the manner, as may be prescribed, setting forth his 41[***] undisclosed income, for the block period: |
Provided that such return shall be considered as if it was a return furnished under the provisions of section 139 and notice under sub-section (2) of section 143 shall thereafter be issued: | |
Provided further that any return of income, required to be furnished by an assessee under this section and furnished beyond the period allowed in the notice shall not be deemed to be a return under section 139: | |
Provided also that no notice under section 148 is required to be issued for the purpose of proceeding under this Chapter: | |
Provided also that a person who has furnished a return under this clause shall not be entitled to furnish a revised return: | |
42[Provided alsothat the time allowed for furnishing a return under this clause may be extended by a further period of thirty days, where— |
(i) | in respect of a previous year immediately preceding the previous year in which the search is initiated or requisition is made, the due date for furnishing the return has not expired prior to the date of initiation of such search or requisition; |
(ii) | the assessee was liable for audit under section 44AB for such previous year; |
(iii) | the accounts (maintained in normal course) of such previous year have not been audited on the date of issuance of such notice; and |
(iv) | the assessee requests in writing for extension of time for furnishing such return to get such accounts audited;] |
(b) | the Assessing Officer shall proceed to determine the 43[total undisclosed income] of the block period in the manner laid down in section 158BB and the provisions of section 142, sub-sections (2) and (3) of section 143, section 144, section 145, section 145A and section 145B shall, so far as may be, apply; |
(c) | the Assessing Officer, on determination of the 44[total undisclosed income] of the block period in accordance with this Chapter, shall pass an order of assessment or reassessment and determine the tax payable by him on the basis of such assessment or reassessment: |
Provided that nothing in the provisions of section 144C shall apply in respect of such order: | |
45[***] | |
(d) | the assets seized under section 132 or requisitioned under section 132A shall be dealt with in accordance with the provisions of section 132B. |
(2) The provisions of sub-section (1) of section 143 shall not apply to the return furnished under this section.
(3) The Assessing Officer, before issuance of notice under clause (a) of sub-section (1), shall take prior approval of the Additional Commissioner or the Additional Director or the Joint Commissioner or the Joint Director, as the case may be.