Men are the ever upright (managers) (of the affairs) of women for what Allah has graced some of them over (some) others and for what they have expended of their riches. So righteous women are devout, preservers of the Unseen for. And the ones whom you fear their non-compliance, then admonish them and forsake them in their beds, (Literally: a madajic= reeclining) and strike them, (i.e. hit them lightly) yet in case they obey you, then do not seek inequitably any way against them; surely Allah has been Ever-Exalted, Ever-Great. 4:34
The formulae is that when a wife becomes Nashizah (non compliant) she would be penalized and in the same manner if a husband turns to be a Nashiz (non compliant) he is subject to a penalty. Ayatullah Sistani's book Minhaj al Saliheen summaries the points where a wife is considered to be Nashiza (non compliant):
1. If a wife disregard husband's right and has shortcoming in fulfilling his sexual needs and desires.
2. If she leaves the house without the permission of her husband
For further details, plz do refer to Masala No 350 in Minhaj al Saleheen:
For a more detailed answer, you would like to refer to the following link:
To sum up, physical hitting is not something appreciated in Islam especially to spouse. The verse and fatwa needs to be understood in the light of all those ahadith which put a lot of emphasis on the respect of women. So, the cases where a wife could be physically punished would be almost nil. Moreover, a husband could also be punished in some other way if he fails to fulfill his duties towards his wife.