Block assessment

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CA Md. Shadil Hussain

CA Md. Shadil Hussain (Querist)
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03 November 2008 Any can tell me, what block assessment

S.Srinivasaraghavan

S.Srinivasaraghavan (Expert)
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04 November 2008 THis question was raised by one Mr.Aftab Alam on 31st Oct 2008 and answered by me. THe answer is repeated as below.

Where any search has been conducted under section 132 or books of account, other documents or assets are requisitioned under section 132A, in the case of any person, then the Assessing Officer shall
proceed to determine the undisclosed income of the block period in the manner laid down in section 158BB of IT Act and the provisions of section 142, sub-sections (2) and (3) of section 143, section 144 and section 145 shall, so far as may be, apply;

The Assessing Officer, on determination of the undisclosed income of the block period in accordance with this Chapter, shall pass an order of assessment and determine the tax payable by him on the basis of such assessment;