Section 158BB of ITA, 1961 : Section 158Bb: Computation Of Undisclosed Income Of The Block Period
ITA, 1961
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Explanation using Example
Imagine a business owner, Mr. Sharma, who has not declared all of his income to the Income Tax Department. One day, the authorities conduct a search of Mr. Sharma's premises and find evidence of undisclosed income, such as receipts for sales that were never recorded in the official books.
Under Section 158BB of the Income-tax Act, 1961, the Assessing Officer will determine Mr. Sharma's undisclosed income for the block period (the period under scrutiny, usually 6 years prior to the search year). They will do this by examining the evidence found during the search and any other relevant information.
The Assessing Officer will calculate the undisclosed income as follows:...
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