India - Income Tax Act 2010 - Saarc

1.707 CH. XIV-B - PROCEDURE FOR ASSESSMENT OF SEARCH CASES S. 158BE98[(d) the assets seized under section 132 or requisitioned under section132A shall be dealt with in accordance with the provisions of section132B.]Undisclosed income of any other person.158BD. Where the Assessing Officer is satisfied that any undisclosed incomebelongs to any person, other than the person with respect to whomsearch was made under section 132 or whose books of account or otherdocuments or any assets were requisitioned under section 132A, then, the booksof account, other documents or assets seized or requisitioned shall be handedover to the Assessing Officer having jurisdiction over such other person and thatAssessing Officer shall proceed 99 [under section 158BC] against such otherperson and the provisions of this Chapter shall apply accordingly.Time limit for completion of block assessment.158BE. 1 [(1) The order under section 158BC shall be passed—(a) within one year from the end of the month in which the last of theauthorisations for search under section 132 or for requisition undersection 132A, as the case may be, was executed in cases where asearch is initiated or books of account or other documents or anyassets are requisitioned after the 30th day of June, 1995, but beforethe 1st day of January, 1997;(b) within two years from the end of the month in which the last of theauthorisations for search under section 132 or for requisition undersection 132A, as the case may be, was executed in cases where asearch is initiated or books of account or other documents or anyassets are requisitioned on or after the 1st day of January, 1997.(2) The period of limitation for completion of block assessment in the case of theother person referred to in section 158BD shall be—(a) one year from the end of the month in which the notice under thisChapter was served on such other person in respect of search initiatedor books of account or other documents or any assets requisitionedafter the 30th day of June, 1995, but before the 1st day of January,1997; and(b) two years from the end of the month in which the notice under thisChapter was served on such other person in respect of search initiatedor books of account or other documents or any assets are requisitionedon or after the 1st day of January, 1997.]98. Substituted by the Finance Act, 2002, w.e.f. 1-6-2002. Prior to its substitution, clause (d)read as under :‘(d) the assets seized under section 132 or requisitioned under section 132A shall beretained to the extent necessary and the provisions of section 132B shall applysubject to such modifications as may be necessary and the references to “regularassessment” or “reassessment” in section 132B shall be construed as references to“block assessment”.’99. Inserted, ibid.1. Substituted by the Income-tax (Amendment) Act, 1997, w.e.f. 1-1-1997.