Procedure for block assessment Where any search has been conducted tinder section 132 or books of account, other documents or assets are requisitioned under section 132A, in the case of any person, then,-
a the Assessing Officer shall serve a notice to such person requiring him to furnish, within such time, not being less than fifteen 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 subsection 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 purposes of proceeding tinder this Chapter
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, subsections 2 and 3 of section 143 and section 144 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 or requisitioned under section 132A shall be retained to the extent necessary and the provisions of section 132B shall apply subject to such modifications as may be necessary and the references to regular assessment or reassessment in section 132B shall be construed as references to block assessment.