Interest and penalty exclusion prevents levy of interest or penalty on undisclosed income assessed for block period. Interest normally chargeable under the relevant interest provisions and penalty ordinarily leviable under the designated penalty provision do not apply to the assessee in respect of undisclosed income assessed or reassessed for the block period following a search.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Interest and penalty exclusion prevents levy of interest or penalty on undisclosed income assessed for block period.
Interest normally chargeable under the relevant interest provisions and penalty ordinarily leviable under the designated penalty provision do not apply to the assessee in respect of undisclosed income assessed or reassessed for the block period following a search.
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