Income Tax Act, 1961
Section 5: Subs. by Act 14 of 1997, s. 4, for clause (a) (w.e.f. 11997).
5. Subs. by Act 14 of 1997, s. 4, for clause (a) (w.e.f. 11997).
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as may be specified in the notice a return in the prescribed formand 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 1431[, 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;
2[(d) the assets seized under section 132 or requisitioned under section 132A shall be dealt with in
accordance with the provisions of section 132B.]
158BD. Undisclosed income of any other person.—Where the Assessing Officer is satisfied that
any undisclosed income belongs to any person, other than the person with respect to whom search was
made under section 132 or whose books of account or other documents or any assets were requisitioned
under section 132A, then, the books of account, other documents or assets seized or requisitioned shall be
handed over to the Assessing Officer having jurisdiction over such other person and that Assessing
Officer shall proceed 3[under section 158BC] against such other person and the provisions of this Chapter
shall apply accordingly.
(w.e.f. 11997).
610
as may be specified in the notice a return in the prescribed formand verified in the same manner as a
return under clause
of sub-section
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;]
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
and
of section 1431[, 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;
2[
the assets seized under section 132 or requisitioned under section 132A shall be dealt with in
accordance with the provisions of section 132B.]
158BD. Undisclosed income of any other person.—Where the Assessing Officer is satisfied that
any undisclosed income belongs to any person, other than the person with respect to whom search was
made under section 132 or whose books of account or other documents or any assets were requisitioned
under section 132A, then, the books of account, other documents or assets seized or requisitioned shall be
handed over to the Assessing Officer having jurisdiction over such other person and that Assessing
Officer shall proceed 3[under section 158BC] against such other person and the provisions of this Chapter
shall apply accordingly.