here 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 the notice, not exceeding sixty days, a return in the form and verified in the manner, as may be prescribed, setting forth his undisclosed income, for the block period, and–– (i) such return shall be considered as if it was a return furnished under section 263 and thereafter notice under section 270(8) shall be issued; (ii) any return furnished beyond the period allowed in the notice shall not be deemed to be a return under section 263; (iii) no notice under section 280 is required to be issued for the purpose of proceeding under this part; (iv) a person who has furnished a return under this clause shall not be entitled to furnish a revised return; (v) the time allowed for furnishing a return under this clause may be extended by a further period of thirty days, where— (A) in respect of a tax year immediately preceding the tax year in which the search is initiated or requisition is made, the due date for furnishing the return has not expired prior to the date of initiation of such search or requisition; (B) the assessee was liable for audit under section 63 for such tax year; (C) the accounts (maintained in normal course) of such tax year have not been audited on the date of issuance of such notice; and (D) the assessee requests in writing for extension of time for furnishing such return to get such accounts audited; (b) the Assessing Officer shall proceed to determine the total undisclosed income of the block period in the manner laid down in section 293 and the provisions of sections 268, 270(8), 270(10), 271, 276, 277 and 278 shall, so far as may be, apply; (c) the Assessing Officer, on determination of the total undisclosed income of the block period in accordance with this part, shall pass an order of assessment or reassessment and determine the tax payable by him on the basis of such assessment or reassessment, and the provisions of section 275 shall not apply in respect of such order;
(d) the assets seized under section 247 or requisitioned under section 248 shall be dealt with as per section 250. (2) The provisions of section 270(1) shall not apply to the return furnished under this section. (3) The Assessing Officer, before issuance of notice under sub-section (1)(a), shall take prior approval of the Additional Commissioner or the Additional Director or the Joint Commissioner or the Joint Director. 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 was initiated under section 247 or requisition was made under section 248, then–– (a) any money, bullion, jewellery, virtual digital asset or other valuable article or thing or any books of account or other documents seized or requisitioned or any other material or information relating to the aforesaid undisclosed income shall be handed over to the Assessing Officer having jurisdiction over such other person; and (b) Assessing Officer of the other person shall proceed under section 294 against such other person and the provisions of this part shall apply accordingly. (2) For the purposes of this section,–– (a) where there is one specified person relevant to such other person, the block period for such other person shall be the same as that for the specified person; (b) where there is more than one specified persons relevant to such other person, the block period for such other person shall be the same as that for the specified person in whose case the block period ends on a later date; (3) In case of such other person as referred to in sub-section (1), for the purposes or abatement under section 292(2) and (3), the reference to the date of initiation of the search under section 247 or making of requisition under section 248 shall be construed as reference to the date on which such money, bullion, jewellery, virtual digital asset or other valuable article or thing or any books of account or other documents seized or requisitioned or any other material or information relating to the aforesaid undisclosed income were received by the Assessing Officer having jurisdiction over such other person.
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.