Procedure for block assessment.
158BC. 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,—
95[(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 form96 and verified in the same manner as a return under clause (i) of
sub-section (1) of section 142, setting forth his
total income including the undisclosed income for the block period :
Provided
that no notice under section 148 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 and the provisions of section 142,
sub-sections (2) and (3) of section 143 97[, section 144
and section 145] 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;
98[(d) the
assets seized under section 132 or requisitioned
under section 132A shall be dealt with in
accordance with the provisions of section 132B.]
