TaxTMI 
TaxTMI 
Levy of interest and penalty in certain cases [ Section 158BF & 158BFA ]
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....hed, * W.e.f. 01.09.2024, Amended by the Finance Act, 2025 - Where the return of [undisclosed income] for the block period, in respect of search initiated under section 132, or books of account, other documents or any assets requisitioned under section 132A, on or after the 1st day of September, 2024, as required by a notice under section 158BC(1)(a), is not furnished within the time specified in such notice, or is not furnished, * Rate of Interest - the assessee shall be liable to pay simple interest at the rate of one and one-half per cent. of the tax on undisclosed income determined under section 158BC(1)(c), [ Section 158BFA(1) ] * Period of liable for interest - for every month or part of a month comprised in the period....
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....ome shown in the return and in such cases the penalty shall be imposed on that portion of undisclosed income determined which is in excess of the amount of income shown in the return. [ Second proviso of section 158BFA(2) ] Exemption from Penalty provision Under Section 158BFA(2) [ Section 158BFA(3) ] No order imposing a penalty under section 158BFA(2) shall be made,- * (a) opportunity of being heard - * unless an assessee has been given a reasonable opportunity of being heard; * (b) Prior approval if penalty exceeds two lakh rupees - * by the Deputy Commissioner or Assistant Commissioner or the Deputy Director or Assistant Director, where the amount of penalty exceeds two lakh rupees except with the previous ....
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....g period shall be excluded-- * (i) the time taken in giving an opportunity to the assessee to be reheard under the proviso to section 129; or * (ii) the period during which the proceedings under section 158BFA(2) are stayed by an order or injunction of any court. W.e.f. 01.09.2024, Amended by Finance Act, 2025 - In computing the period of limitation under this section, the following period shall be excluded-- * (i) the time taken in giving an opportunity to the assessee to be reheard under the proviso to section 129; or * [(ii) the period commencing on the date on which stay on the proceeding under section 158BFA(2) was granted by an order or injunction of any court and ending on the date on which certified copy of the order v....