https://www.taxtmi.com/acts?id=48742 Interest is charged monthly on tax attributable to undisclosed income where a notice required return in search proceedings is not furnished, from the day after the notice deadline until assessment completion. A penalty equal to fifty percent of tax on undisclosed income may be imposed, subject to exceptions when a return is filed, tax is paid or offered, evidence is furnished and no appeal is lodged; penalty applies to undisclosed income exceeding the return. Procedural safeguards, limitation periods, exclusions, extensions, approval requirements for certain officers and transmission of penalty orders to the Assessing Officer are set out. en-us Fri, 14 Feb 2025 11:15:49 +0530 Thu, 20 Feb 2025 14:23:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=48742 Interest is charged monthly on tax attributable to undisclosed income where a notice required return in search proceedings is not furnished, from the day after the notice deadline until assessment completion. A penalty equal to fifty percent of tax on undisclosed income may be imposed, subject to exceptions when a return is filed, tax is paid or offered, evidence is furnished and no appeal is lodged; penalty applies to undisclosed income exceeding the return. Procedural safeguards, limitation periods, exclusions, extensions, approval requirements for certain officers and transmission of penalty orders to the Assessing Officer are set out. Act-Rules Bills Fri, 14 Feb 2025 11:15:49 +0530 https://www.taxtmi.com/acts?id=48742