Chapter XIV-B (Sections 158BA, 158BB, 158BE):
- Replaces “total income” assessment with “undisclosed income” assessmentin search/seizure cases .
- Undisclosed income
includes:
- Income declared in block returns.
- Income determined by the Assessing Officer (AO) based on search evidence .
Excludes income already assessed under regular provisions (e.g., Sections 143, 147) .
- Time limit for block assessments:
- 12 months (extendable to 13 months if extended under Section 158BC) .
- Tax rate: Undisclosed income taxed at 60% .
