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of <h1>Section 298: 1.5% Monthly Interest, 50% Penalty on Undisclosed Income with Hearing, Senior Approval and Limits</h1> Section 298 imposes 1.5% monthly interest on tax determined in search assessments and a 50% administrative penalty on tax leviable for undisclosed income where a return called under section 294(1)(a) is not furnished; it exempts penalty for the block period if a return is filed, tax paid with proof and no appeal is filed, but permits penalty on any excess undisclosed income. The Act narrows the return wording to 'return of undisclosed income' (from 'total income'), changes an internal cross-reference ('Chapter' to 'Part') and substitutes section 453 for 452, and adds procedural safeguards: hearing, senior approval for penalties over Rs.200,000, and specified limitation exclusions and extensions.
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