Income Tax Act, 2025
Section 4: Subs. by Act 14 of 1997, s. 5, for sub-sections (1) and (2) (w.e.f. 11997).
4. Subs. by Act 14 of 1997, s. 5, for sub-sections (1) and (2) (w.e.f. 11997).
611
1[Explanation 1.—In computing the period of limitation for the purposes of this section,—
(i) the period during which the assessment proceeding is stayed by an order or injunction of any
court; or
(ii) the period commencing from the day on which the Assessing Officer directs the assessee to
get his accounts audited under sub-section (2A) of section 142 and ending on the day on which the
assessee is required to furnish a report of such audit under that sub-section; or
(iii) the time taken in reopening the whole or any part of the proceeding or giving an opportunity
to the assessee to be re-heard under the proviso to section 129; or
(iv) in a case where an application made before the Settlement Commission under section 245C is
rejected by it or is not allowed to be proceeded with by it, the period commencing on the date on
which such application is made and ending with the date on which the order under sub-section (1)
of section 245D is received by the 2[Principal Commissioner or Commissioner] under sub-section (2)
of that section,
shall be excluded:
Provided that where immediately after the exclusion of the aforesaid period, the period of limitation
referred to in sub-section (1) or sub-section (2) available to the Assessing Officer for making an order
under clause (c) ofsection 158BC is less than sixty days, such remaining period shall be extended to sixty
days and the aforesaid period of limitation shall be deemed to be extended accordingly.]
3[Explanation 2.—For the removal of doubts, it is hereby declared that the authorisation referred to in
sub-section (1) shall be deemed to have been executed,—
(a) in the case of search, on the conclusion of search as recorded in the last panchnama drawn in
relation to any person in whose case the warrant of authorisation has been issued;
(b) in the case of requisition under section 132A, on the actual receipt of the books of account or
other documents or assets by the Authorised Officer.]
158BF. Certain interests and penalties not to be levied or imposed.—No interest under the
provisions of section 234A, 234B or 234C or penalty under the provisions of clause (c) of sub-section (1)
of section 271 or section 271A or section 271B shall be levied or imposed upon the assessee in respect of
the undisclosed income determined in the block assessment.
4[158BFA. Levy of interest and penalty in certain cases.—(1) Where the return of total income
including 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 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
at the rate of 5[one per cent.] of the tax on undisclosed income, determined under clause (c) of
section 158BC, for every month or part of a month comprised in the period commencing on the day
immediately following the expiry of the time specified in the notice, and—
(a) where the return is furnished after the expiry of the time aforesaid, ending on the date of
furnishing the return; or
and
(w.e.f. 11997).
611
1[Explanation 1.—In computing the period of limitation for the purposes of this section,—
the period during which the assessment proceeding is stayed by an order or injunction of any
court; or
the period commencing from the day on which the Assessing Officer directs the assessee to
get his accounts audited under sub-section
of section 142 and ending on the day on which the
assessee is required to furnish a report of such audit under that sub-section; or
the time taken in reopening the whole or any part of the proceeding or giving an opportunity
to the assessee to be re-heard under the proviso to section 129; or
in a case where an application made before the Settlement Commission under section 245C is
rejected by it or is not allowed to be proceeded with by it, the period commencing on the date on
which such application is made and ending with the date on which the order under sub-section
of section 245D is received by the 2[Principal Commissioner or Commissioner] under sub-section
of that section,
shall be excluded:
Provided that where immediately after the exclusion of the aforesaid period, the period of limitation
referred to in sub-section
or sub-section
available to the Assessing Officer for making an order
under clause
ofsection 158BC is less than sixty days, such remaining period shall be extended to sixty
days and the aforesaid period of limitation shall be deemed to be extended accordingly.]
3[Explanation 2.—For the removal of doubts, it is hereby declared that the authorisation referred to in
sub-section
shall be deemed to have been executed,—
in the case of search, on the conclusion of search as recorded in the last panchnama drawn in
relation to any person in whose case the warrant of authorisation has been issued;
in the case of requisition under section 132A, on the actual receipt of the books of account or
other documents or assets by the Authorised Officer.]
158BF. Certain interests and penalties not to be levied or imposed.—No interest under the
provisions of section 234A, 234B or 234C or penalty under the provisions of clause
of sub-section
of section 271 or section 271A or section 271B shall be levied or imposed upon the assessee in respect of
the undisclosed income determined in the block assessment.
4[158BFA. Levy of interest and penalty in certain cases.—
Where the return of total income
including 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 January, 1997, as required by a notice under clause
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
at the rate of 5[one per cent.] of the tax on undisclosed income, determined under clause
of
section 158BC, for every month or part of a month comprised in the period commencing on the day
immediately following the expiry of the time specified in the notice, and—
where the return is furnished after the expiry of the time aforesaid, ending on the date of
furnishing the return; or