A lead cut and tape attach apparatus (10) for automatically cutting leads on one side of a semiconductor I.C. quad device and subsequently cutting and attaching a piece of tape over the gaps formed between the cut leads and for sequentially cutting the leads and attaching tape thereover on the remaining sides of the quad device includes a double-acting punch assembly (34) formed of an inner punch blade (58) and an outer punch (56). There is provided upper and lower cams (68, 78) for actuating the inner punch blade relative to the outer punch so that on a first downward stroke the inner punch blade is extended to cut the leads of the quad device. On a second downward stroke of the punch assembly, the inner punch blade is retracted and the outer punch cuts and attaches the tape.