Section 158B of ITA, 1961 : Section 158B: Definitions
ITA, 1961
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Explanation using Example
Imagine a business owner, Mr. Sharma, who has been running a successful electronics store for the past 10 years. On July 5, 2022, authorities conduct a search under section 132 of the Income-tax Act, 1961 at his business premises. During the search, they discover a hidden safe containing cash and several pieces of unaccounted jewellery.
The Income Tax Department decides to assess the undisclosed income found in the safe. According to Section 158B(a) of the Income-tax Act, the "block period" for Mr. Sharma's case would include the...
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