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TMI BlogInsertion of new section 158BFAX X X X Extracts X X X X X X X X Extracts X X X X ..... ome for the block period, in respect of search initiated under section 132 or books of account, other document or any assets requisitioned under section 132A on or after the 1st day of January, 1997 as required by a notice under clause (a) of section 158BC, is furnished after the expiry of the period specified in such notice, or is not furnished, the assessee shall be liable to pay simple interest ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... le in respect of the undisclosed income determined by the Assessing Officer under clause (c) of section 158BC: Provided that no order imposing penalty shall be made in respect of a person if- (i) such person has furnished a return under clause (a) of section 158BC; (ii) the tax payable on the basis of such return has been paid or, if the assets seized consist of money, the assessee offers th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t Director, as the case may be, where the amount of penalty exceeds twenty thousand rupees except with the previous approval of the Deputy Commissioner or the Deputy Director, as the case may be; (c) in a case where the assessment is the subject-matter of an appeal to the Commissioner (Appeals) under section 246 or an appeal to the Appellate Tribunal under section 253, after the expiry of the fi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e end of the month in which action for imposition of penalty is initiated, whichever period expires later; (f) in respect of search initiated under section 132 or books of account, other documents or any assets requisitioned under section 132A, after the 30th day of June, 1995 but before the 1st day of January, 1997. Explanation.-In computing the period of limitation for the purpose of this se ..... X X X X Extracts X X X X X X X X Extracts X X X X
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