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<h1>Interest and penalty in search assessments: revised rules mandate monthly interest and a fixed half tax penalty with a compliance safe harbor.</h1> Clause 298 retains the Section 158BFA framework by charging simple interest on tax determined on undisclosed income for delay or non-filing after a search notice and imposing a fixed penalty equal to fifty percent of tax on undisclosed income, while providing a safe harbor where return is filed, tax paid with evidence and no appeal is filed; procedural safeguards include a right to be heard, supervisory approval for larger penalties, exclusion of rehearing and court stay periods from limitation, and mandatory communication of penalty orders to the Assessing Officer.
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