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of <h1>Section 158BFA mandates 1.5% monthly interest and 50% penalty on undisclosed income in block assessments</h1> Section 158BFA governs interest and penalty provisions for block assessments in search cases. For returns not filed within specified notice periods post-September 2024, assessees must pay 1.5% monthly interest on undisclosed income tax from notice expiry until assessment completion. Penalty equals 50% of tax on undisclosed income, with exceptions for compliant assessees who file returns, pay taxes, and don't appeal. Penalty exemptions include cases where undisclosed income exceeds returned income. Procedural safeguards require hearing opportunities and approvals for penalties exceeding two lakh rupees. Time limitations apply with specific exclusions for court stays and rehearings. Section 158BF exempts block assessments from standard interest and penalty provisions under other sections.
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