Section 299 Income Tax Act 2025 Authority competent to make assessment of block period. 299. (1) The order of assessment for the block period shall be passed by an Assessing Officer not below the rank of a Deputy Commissioner or an Assistant Commissioner or a Deputy Director or an Assistant Director. (2) The order referred to… Read More »
Section 298 Income Tax Act 2025 Levy of interest and penalty in certain cases. 298. (1) Where the return of undisclosed income as required under a notice under section 294(1)(a), is not furnished within the period specified in such notice, or is not furnished, then,— (a) the assessee shall be liable to pay simple interest at the… Read More »
Section 297 Income Tax Act 2025 Certain interests and penalties not to be levied or imposed. 297. Interest under section 423, 424 or 425 or penalty under section 439 shall not be levied or imposed upon the assessee for the undisclosed income assessed or reassessed for the block period.
Section 296 Income Tax Act 2025 Time-limit for completion of block assessment. 296. (1)(a) Irrespective of the provisions of section 286, the order under section 294 shall be passed within twelve months from the end of the quarter in which the last of the authorisations for search was executed, or requisition was made. (b) Where in pursuance to section 294(1)(a)(v),… Read More »
Section 295 Income Tax Act 2025 Undisclosed income of any other person. 295. (1) Where the Assessing Officer is satisfied that any undisclosed income belongs to or pertains to or relates to any person (herein referred to as the other person), other than the person (herein referred to as the specified person) with respect to whom search… Read More »
Section 294 Income Tax Act 2025 Procedure for block assessment. 294. (1) Where any search has been initiated or requisition is made in the case of any person, then,— (a) the Assessing Officer shall, in respect of such search or requisition, issue a notice to such person, requiring him to furnish within a period specified in… Read More »
Section 293 Income Tax Act 2025 Computation of total undisclosed income of block period. 293. (1) The total undisclosed income of the block period referred to in section 292(1) shall be the aggregate of the following:— (a) undisclosed income declared in the return furnished under section 294; (b) undisclosed income determined by the Assessing Officer under sub-section (4). (2)… Read More »
Section 292 Income Tax Act 2025 B. — Special procedure for assessment of search cases Assessment of total undisclosed income as a result of search. 292. (1) Irrespective of any other provision of this Act, where on or after the commencement of this Act, in the case of any person, a search is initiated or requisition is made,… Read More »
Section 291 Income Tax Act 2025 Intimation of loss. 291. The Assessing Officer shall notify to the assessee by an order in writing the amount of the loss as computed by him for the purposes of section 111(1) or Section 112 or 113(2) or 115(1), where— (a) in the course of the assessment of the total income of any assessee, it is… Read More »
Section 290 Income Tax Act 2025 Modification and revision of notice in certain cases. 290. (1) Where,— (a) any tax, interest, penalty, fine or any other sum in respect of which a notice of demand has been issued earlier under section 289; and (b) such tax, interest, penalty, fine or any other sum is reduced as a… Read More »