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of <h1>Section 158BF prohibits interest and penalties on undisclosed income during block assessment procedures for search cases</h1> Section 158BF of the Income Tax Act, 1961 provides relief to assessees by prohibiting the levy of specific interest and penalties on undisclosed income during block assessment procedures for search cases. The provision exempts assessees from interest under sections 234A, 234B, or 234C and penalty under section 270A for undisclosed income assessed or reassessed during the block period. This statutory provision was recently amended by the Finance Act 2024, effective September 1, 2024, which modified the scope of exempted penalties compared to the previous version that included different penalty sections.
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