The Finance (No. 2) Act of 2024 has ushered in a novel block assessment scheme pertinent to search and requisition cases. This scheme is activated when a search is initiated on or subsequent to September 1, 2024, mandating that the total income for the block period be assessed collectively.
This article analyses the evolution and resurrection of this provision in 2024, elucidating its principal features, the procedural nuances, and the implications for taxpayers. The discussion encompasses:
‣ History of Assessment in Search Cases
‣ New Scheme Introduced by the Finance (No. 2) Act, 2024
‣ Computation of Total Income for the Block Period
‣ Issues in the Computation of Total Income
‣ Calculation of Tax on Block Period Income
‣ Time Limit for Completion of Block Assessment
