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Different facets of operation of section 153C

April 6, 2019[2019] 104 taxmann.com 69 (Article)
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The law relating to assessment in case of search or requisitions containing in sections 153A to 153D was introduced by Finance Act, 2003 w.e.f. 01-06-2003. It replaced the law relating to block assessment contained in Chapter XIV-B. Section 158BD in Chapter XIV-B provided block assessment of undisclosed income in respect of “other person”, if certain seized material like assets/ documents were found as belonging to him. Section 153C is pari materia to section 158BD.
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