(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 132-A on or after the 1st day of January, 1997, as required by a notice under clause (a) of section 158-BC, 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 ] [ Inserted by Act 21 of 1998, Section 46 (w.r.e.f. 1.7.1995).][one per cent.] [ Substituted by Act 54 of 2003, Section 7, for " one and one-fourth per cent." (w.r.e.f. 8.9.2003).][of the tax on undisclosed income, determined under clause (c) of section 158-BC, 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(b)where no return has been furnished, on the date of completion of assessment under clause (c) of section 158-BC.
