India - Income Tax Act 2010 - Saarc

S. 158BC I.T. ACT, 1961 1.706the assessee before the commencement of search or of the requisition, as thecase may be, shall be on the assessee.(4) For the purpose of assessment under this Chapter, losses brought forwardfrom the previous year under Chapter VI or unabsorbed depreciation under subsection(2) of section 32 shall not be set off against the undisclosed incomedetermined in the block assessment under this Chapter, but may be carriedforward for being set off in the regular assessments.Procedure for block assessment.158BC. Where any search has been conducted under section 132 or books ofaccount, other documents or assets are requisitioned under section132A, in the case of any person, then,—95[(a) the Assessing Officer shall—(i) in respect of search initiated or books of account or otherdocuments or any assets requisitioned after the 30th day of June,1995, but before the 1st day of January, 1997, serve a notice tosuch person requiring him to furnish within such time not beingless than fifteen days;(ii) in respect of search initiated or books of account or otherdocuments or any assets requisitioned on or after the 1st day ofJanuary, 1997, serve a notice to such person requiring him tofurnish within such time not being less than fifteen days but notmore than forty-five days,as may be specified in the notice a return in the prescribed form 96 andverified in the same manner as a return under clause (i) of sub-section(1) of section 142, setting forth his total income including the undisclosedincome for the block period :Provided that no notice under section 148 is required to be issued forthe purpose of proceeding under this Chapter :Provided further that a person who has furnished a return under thisclause shall not be entitled to file a revised return;](b) the Assessing Officer shall proceed to determine the undisclosedincome of the block period in the manner laid down in section 158BBand the provisions of section 142, sub-sections (2) and (3) of section143 97 [, section 144 and section 145] shall, so far as may be, apply;(c) the Assessing Officer, on determination of the undisclosed income ofthe block period in accordance with this Chapter, shall pass an orderof assessment and determine the tax payable by him on the basis ofsuch assessment;95. Substituted by the Income-tax (Amendment) Act, 1997, w.e.f. 1-1-1997.96. See rule 12(1A) (as it stood at the relevant date) and Form No. 2B.97. Substituted for “and section 144” by the Finance Act, 2002, w.r.e.f. 1-7-1995.