TMI BlogComputation of undisclosed income of the block periodX X X X Extracts X X X X X X X X Extracts X X X X ..... reased by the aggregate of the losses of such previous years, determined,- ( a ) where assessments under section 143 or section 144 or section 147 have been concluded 2 [prior to the date of commencement of the search or the date of requisition], on the basis of such assessments; ( b ) where returns of income have been filed under section 139 3 [or in response to a notice issued under sub-section (1) of section 142 or section 148] but assessments have not been made till the date of search or requisition, on the basis of the income disclosed in such returns; 4 [( c ) where the due date for filing a return of income has expired, but no return of income has been filed,- ( A ) on the basis of entries as recorded in the book ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ken as the total income or loss computed in accordance with the provisions of 5 [this Act] without giving effect to set off of brought forward losses under Chapter VI or unabsorbed depreciation under sub-section (2) of section 32: 6 [Provided that in computing deductions under Chapter VI-A for the purposes of the said aggregation, effect shall be given to set off of brought forward losses under Chapter VI or unabsorbed depreciation under sub-section (2) of section 32;] 7 [( b ) of a firm, returned income and total income assessed for each of the previous years falling within the block period shall be the income determined before allowing deduction of salary, interest, commission, bonus or remuneration by whatever name calle ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f Chapter IV, on the basis of evidence found as a result of search or requisition of books of account or documents and such other materials or information as are available with the Assessing Officer by the Finance Act, 2002, w.r.e.f. 1-7-1995. 2. Inserted by the Finance Act, 2002, w.r.e.f. 1-7-1995. 3. Substituted for or section 147 by the Finance Act, 2002, w.r.e.f. 1-7-1995. 4. Clauses (c) and (ca) substituted for clause (c), by the Finance Act, 2002, w.r.e.f. 1-7-1995. Prior to its substitution, clause (c) read as under : (c) where the due date for filing a return of income has expired but no return of income has been filed, as nil 5. Substituted for Chapter IV by the Finance Act, 2002, w.r.e.f. 1-7-1995 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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