Section - 158BC (of Income Tax Act, 1961), Procedure for block assessment

Where any search has been conducted under section 132 (of Income Tax Act, 1961) or books of account, other documents or assets are requisitioned under section 132A (of Income Tax Act, 1961), in the case of any person, then,—

(a) the Assessing Officer shall—

(i) in respect of search initiated or books of account or other documents or any assets requisitioned after the 30th day of June, 1995, but before the 1st day of January, 1997, serve a notice to such person requiring him to furnish within such time not being less than fifteen days;

(ii) in respect of search initiated or books of account or other documents or any assets requisitioned on or after the 1st day of January, 1997, serve a notice to such person requiring him to furnish within such time not being less than fifteen days but not more than forty-five days, as may be specified in the notice a return in the prescribed form and verified in the same manner as a return under clause (i) of sub-section (1) of section 142 (of Income Tax Act, 1961), setting forth his total income including the undisclosed income for the block period :

Provided that no notice under section 148 (of Income Tax Act, 1961) is required to be issued for the purpose of proceeding under this Chapter :

Provided further that a person who has furnished a return under this clause shall not be entitled to file a revised return;

(b) the Assessing Officer shall proceed to determine the undisclosed income of the block period in the manner laid down in section 158BB (of Income Tax Act, 1961) and the provisions of section 142 (of Income Tax Act, 1961), sub-sections (2) and (3) of section 143 (of Income Tax Act, 1961), section 144 (of Income Tax Act, 1961) and section 145 (of Income Tax Act, 1961) shall, so far as may be, apply;

(c) 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;

(d) the assets seized under section 132 (of Income Tax Act, 1961) or requisitioned under section 132A (of Income Tax Act, 1961) shall be dealt with in accordance with the provisions of section 132B (of Income Tax Act, 1961).