India - Income Tax Act 2010 - Saarc

S. 158BB I.T. ACT, 1961 1.704under sub-section (1) of section 139 for any previous year has not expired,and such income or the transactions relating to such income are recorded on orbefore the date of the search or requisition in the books of account or otherdocuments maintained in the normal course relating to such previous years, thesaid income shall not be included in the block period.Computation of undisclosed income of the block period.158BB. (1) The undisclosed income of the block period shall be the aggregateof the total income of the previous years falling within the block periodcomputed, 87 [in accordance with the provisions of this Act, on the basis ofevidence found as a result of search or requisition of books of account or otherdocuments and such other materials or information as are available with theAssessing Officer and relatable to such evidence], as reduced by the aggregateof the total income, or as the case may be, as increased by the aggregate of thelosses of such previous years, determined,—(a) where assessments under section 143 or section 144 or section147 have been concluded 88 [prior to the date of commencementof the search or the date of requisition], on the basis of such assessments;(b) where returns of income have been filed under section 139 89 [or inresponse to a notice issued under sub-section (1) of section 142 orsection 148] but assessments have not been made till the date ofsearch or requisition, on the basis of the income disclosed in suchreturns;90[(c) where the due date for filing a return of income has expired, but noreturn of income has been filed,—(A) on the basis of entries as recorded in the books of account andother documents maintained in the normal course on or beforethe date of the search or requisition where such entries result incomputation of loss for any previous year falling in the blockperiod; or(B) on the basis of entries as recorded in the books of account andother documents maintained in the normal course on or beforethe date of the search or requisition where such income does notexceed the maximum amount not chargeable to tax for anyprevious year falling in the block period;87. Substituted for “in accordance with the provisions of Chapter IV, on the basis of evidencefound as a result of search or requisition of books of account or documents and such othermaterials or information as are available with the Assessing Officer” by the Finance Act,2002, w.r.e.f. 1-7-1995.88. Inserted, ibid.89. Substituted for “or section 147”, ibid.90. Clauses (c) and (ca) substituted for clause (c), ibid. Prior to its substitution, clause (c) readas under :“(c) where the due date for filing a return of income has expired but no return of incomehas been filed, as nil ”