Taxmann's Law Relating to Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax by Taxmann

CONTENTS

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About the authors

I-5 Preface

I-7

INTRODUCTION

S N O S A E 2 S T C E J B / F O T N E M E T A T 3

T C ! S I H T F O Y T I L I B A C I L P P !

T C ! S I H T F O E P O C 3

T C ! S I H T F O S E R U T A E & T N E I L A 3

T C ! S I H T F O Y T I L I B A C I L P P ! F O S T N E M E L % D A O R "

T N E D I S E 2 Y L I R A T NE I S D RS /A D TN O .A NE AM HO T C RN E I HN T G O I E T R N O EF DF I O S E E 2S A FC O SN NI OE I E T S A S GE I L S B S /! T C ! E T A R A P E 3 Y H 7

N A I D N ) T N E D I S E 2 R O &

T N E D I S E 2 O T T N E D I S E R N O . M O R F G N I T R E V N O C S N O S R E P R O &

R O D DO AI OR RE BP AY R GA R NO I Y P DM UE TT S R SO T F ND EA DO UR TB S A EG HN TK I FR OO SW NE S OE I T Y A O GL I P L B M /E

F O S N O I T C E 3 H T I W G N N O O I T L A G A I 2 T T I C / , S !T . F C O Y! E S N R S E E T U O H N S -T E S O D I I T KD S N N E C 2 A AA C L T I "C N F O I ! N F . G O X A R I T O 3 S E NE & L O B M I I T S O C S C O EN 0 3)

I-9

1.9

iii

1.8

1.7

1.6

6 1.5

4 1.3

1 1.1

4 1.4

3 1.2

1 1.0

E L B M A E R 0

BLACK MONEY (UNDISCLOSED FOREIGN INCOME AND ASSETS) AND IMPOSITION OF TAX ACT, 2015

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APPLICABILITY & DEFINITIONS (SECTIONS 1 & 2)

S E S U A L # N O S E T O .

v E E S S E S S ! h

N O S R E P @ E D U L C N I O T E E S S E S S !

R E D N U C T E X A T Y N A M O H W Y B N O S R E PE L AB SA R Y E VA OP CS I ET EC S S ! E S S I S H !T

E E S S E S S ! @ F O N O I T I N I F E D E H T N I T N E M D N E M A F O E S O P R U 0 R A P T A T P E K T N E D I S E R Y L I R A N I D R / T O . T N E D I S E R N O .

T N E D I A S I E D 2 N ) F E O D I S T S UD U T I O A V T O D S E G# T O A NT I C R O G L I U N T QI E CW S AO S Y A GA D NT I E S S D RD L O A E C GG S EN I R D O N L NO 5 OR I P T A O XT AE L E U 2D N O I T C E 3

E R U T A N D E S O L C S I D N U F O E B O T T E S S !

N I R O E M A N SR I H E N NW I O EL EA S I S C E I F S E S A N E EB HS T I YE BH DH L C E I HH EW BF O OT T C TE E P S S S E !R A I D N ) E D I S T U O D E T A C O L E B O T T E S S !

Y R A I C I F E N E B E D U L C N I D L U O W R E N W O L A I C I F E N E B R E H T E O HS L 7A

T C ! X A T T E S E S M A O D C N N A ) E E E H S M T U O R C A E L C D N N I Y N D U N O I O G T Y I B I E R N D R A I O E I F T F C E A I D D R F E E O Y N S P R O R E L A " C O U C D S F I N S I O D I S N N E N O 5 5 2 I T A G I L B / N N N O I O I O I T T C T C C E E E 3 3 3

CHARGE, SCOPE & COMPUTATION OF TOTAL UNDISCLOSED FOREIGN INCOME & ASSET (SECTIONS 3, 4 & 5)

N O I T C E 3 F O T X E 4

S E S U A L # N O S E T O .

N O I T C E S F O S E R U T A E & T N E I L A 3

3.2

N O I T C E 3 F O T X E 4

3.3

3.1

2.9

S E S U A L # N O S E T O .

iii

2.8

20 i

2.7

N O I T C E 3 F O T X E 4

2.6

21 iv

20 11

19 v

19 iv

18 ii

18 iii)

18 i

17 2.4

15 2.2

17 2.5

15 2.3

15 2.1

I-10

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R A E Y T N E M S S E S S ! H C I H W M O R F E L B A C I L P P !

E H T F O S T E S S ! D N A E M O C N ) N G I E R O & D E S OR v L C A S E I 9 D NS 5U O LI A V T E O 4R h0

E E S S E S S ! @ F O N O I T I N I F E D E H T N I T N E M D N E M A F O E S O P R U 0 A I D N ) E D I S T U O D E T A C O L T E S S A D E S O L F C O S I E D R NE H 5T @

G N I N A F E O E R E H T G N I N A E E M O C N I N G I E R O F D E S O L C S I D N 5

vii

30 viii

31 ix

T E S S A N G I E R O v F R D A N E E E T O I 9 S A T O C 2 S L C E U S X 3 O I A I D 4 F V O E N S S E E U R L E 0 F B N S R A I O U U E O C H E L T A T T U I C L A F L P E # E / A P 3 N & h 6 ! F O T O N S E E T T I X L O A E . 4 3

N O I T C E 3 F O T X E 4

S E S U A L # N O S E T O .

N O I T C E 3 F O S E R U T A E & T N E I L A 3

S N O I T C E 3 N O S E U S S ) T N A C I F I N G I 3

S I T E S S A E M O C N I N GT I C E ! R OS F I H DT ER S OE L D C N S I U D X NA 5T RO A T EE YL B HA CE I G H R WA H NC )

E D A M Y RL OU D* ET R ST I U C Q ! C Y ATE TC N E !O S S SI A H NT K GF C I A OL E R T" ON F R EE DMD EE N S CU ON L C ED S E I MS D S NME UOS S RCA E OE HT T RB E O N HI RA 7P C

R T OE F S ES CA I T D O N NA FE O EM UO SC S N I I RN OG F I TE I R MO IF L D EE MS IL O T C YS NI AD SN I EU F R O E T HN T RE E M HS T S E E HS S 7A

R EOE DTD ADN EU MR RID OUE Q DE S ER S R E SS I I U S QTA CCE A!B S TI E HN S T A S FC A T NOI GTE N I ER E R O MF OE E F C B DN EE S OM L C M S I O D C NE N UH O RT E T OSC HT A T R ! T E O S S HI I I RX H 7P ET

SG A N I GS NS E I TS S S T I !C X EE! HI S TT O H FT NO R T E E E CD S I S N T A O U NNX A GET I H E T O R T O OT T F H GG DN EI U S OMO L OR C CB S E I FB D NON E UT A A C RD E R HEE T HI C E T HN F F 7O /

EN HA T C T OC T G! S NI I H TT A L F E O R T EN ME OM CET NC C I N! NES GMI I H E MT R R OOE F CD DON ETU S R OO X L I RA C S PT I O RT D A NE T UY H RSG E UU HO O T IR E V B HE E RB 7P

i.e. iii

37 ii

36 i

35 3.9

34 3.7

36 3.10

34 3.8

33 3.6

M O H W O T E L B A C I L P P !

32 3.5

iii

27 vi

25 ii

27 v

24 i

31 3.4

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I-11

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S GXI IN F AH E IT N NV I EAES BHMT TOE RO CS S ON R NA I T E EH NUL B C I WAF U O S OI D T F LN O A E ) I L S C EBR I FDAL A I I E L S U NT A C EU I I BO T D R NA SD) I E P OT N E A I HC S EO WO L N NLMCR T S O OE U I SSCD T S N R E OR I A E T PYL ED X A ANB NT SAAA F I E X NM NOAR EYTU O R Y HA TC NE IA N 7C RI

i.e.,

DEERGD EBMANE E I T O S O A Y U T S C CS S E OI S NES I L EIHS T S EHT!I E C R S T S S UOEC S E S H A ! S HETS RS D I FH OA CA I O EEH T MH MEF W C O OTNRI CFI OT O NOR S I UADNN NT E E O GA YRET I H I I T T EU E C S R E LHQOS T OA C T F I AS R T DN E SED EE RIMN S ODAT U I O E L E S C S C E E Y S S R C T I HAE I D T CRS AI NI O S N UDHOA NWDH F) O RE R EEONCE I D F S RH I C A NA F S I T CU EEWF ESN/ NO S ) II

TNR E E KIC R I RA F A F E /T MY C REG! N I H A I S S T F I S H GFET S NOS R I E K T!D AE EN T S HU RST OAF T F ON N EG E E I L C M E A I R T S NO S O OF E NS I T A DES R ET HA S F EO OO HL T C T E S SS I ED E O BNMP R YUOU AFCP T MO I E TEHH A UCT I HL R H AW O 7V F

N G I E R O F D E S O L C S I D N U F O E U L A VD E TT E KU RP A M MO C RE I A B F O ET HS T I T WE S OS (A

XN AI G T E ER O MF OD CE NS I O L OC NS I HD CN I U H WE B NL L OI T ES MN OAT CCC N ! A I S I I D NN H T G) I R E NE R OID F EN RLU B E AE HY M T A E O HPC N 7I SI

R RE NE NA UC PD N SU TA C !E FL E B SSIA L I A E H L R ET I S A RYV R E NA E VDAE ON B R E DUH D I E T L A L E U PBH O SA W X 7 E XA Y ATT R E T T C N EM!U E HOI E T S CSOS C H RNT E N OIR S F GS N E I A GD TI E I R N D E E OH ERUF O R T D F H C O T T RDEI M E E W T HSIYC A O T ! T L L E C A C S HS I EH ER IB 7D TT E N/R I !A RF A D EOE YEU S CS SI I UT OOI I NS V E EEC R I HT PT O EON HT H T SC I EEH S M A COW C N NEI I R NMA EOE PCY PN AIS U HRO S O R I V A DTE L E ERY U OSPT S WAEN E HHR TC T A E I D F HH F NI 7WA D

qua

xiv

TRE N E H EHT T ME M TH O S E R V7F N D I E D FE N O I NA EIL CAP L X R S P ET UX P OE EI S@ BE C ESNE HAA R T C D L TE A TT A T E I HA S P T S EA A R C DT I NR A SG I S IO TEE EE R BS OM F S O TA I DC N N EI N S AG O D CI L E E C NRI X S EOD A T HFN N NUU 7I

xii

ENED E OBS MI NS OT E CCAS NECS S I A R EE E HD B T N O TT NUC I E E ! DC M I X ET O A O S C ONTN L E I C OM S N T I G OI D E C S E N EN R ) O MOE F OPH S D CE TE NR FS I NOO L NI C ! GD S I I T E D E C L R N! I OF R S F NOUI RR EH U E DBT T HE N O R T T E RAD E D HX I AN A 7T SU

xiii

49 xi

47 x

47 ix

46 -

viii

44 vii

I-12

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I-13

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T TE C B E SU!M S O ASXC RA N I RET D ON E N G EUME I OR MDC OENO CL I)F NFED I E NHS NRTL O U F GT C O I E S E I R2 D O N FD E U DTNST EAOAC SDI ! OPTDS C 5 E L ET I C H A SESE T I HFRR D E NTOTD N!EN UI B R U D L L EE T IE HS NT S TO OSS E L I YA T C HS C AR IE 7D SMO

FEEN O H H G I T E !TF R &NO O I EE F L D U S E DI S EW O HRNL CEOC 3HIS I T T D C NOE T N I C S R U ! DO E R E E S BI S H OMDOT R L C ONTR U D S F E I I A D DS D NE N TRL E I E U F BU S T D S E N N A R E RAS NXUCE S GATC TS E I 4R E S !A R OEXXE F MAA ROTTB E O CEET HN MMT T ) E OE O HEC CS S H) NA N) 7T

RN E I DA NG UA DE EB S N S A E C S S E A M SO I T ECC N! MI OD X CE A NS T I S E E NS M GS I O A E R C HN OC F ) DUE ESH R S T E OH R L E C TD S E I HN D NWU UTD E EC S S !S A E SS CI S HA NT )

T TDC NC I E ! R D!A X S EA L I R C H TE A T L EDR C EMTE RD DO ON CH EN SU M) X OEHA C CH T UO NT I S R T NEFT D O GN H I G EU E UC R ODNO F ERT ER L C FI EB! F O E F NI F BX MR A UDNT UT AE EC T EH N ART M E UXTMO A QT C C EON C EER ) RI NR HMO T E O CND ECT GN R N I O E I EU HE NR OR HSF 7T I O

SDT MBEI HEC RUMT E SO S! T CFUI S O N EFN H ET HOI TE T N N F BO F G E O I SI T MA E EE HB CERC NSON DM EUFE A RA F S L O E MOH BC W T AFC M T FO EOHI N O C P H SCUT N E S O I O R T I W T E R N A G CSIO N U I I E I L A R L S P L L NPU A MCO F D A I IBT OLE C I EUC M R HSE O T SEBC ENFPUN BIOASI N YE OIN L T EI AB G L MA GI E N S NHR OI TS WF O I T A E T A S TR HS C L C E ER O 7@ AS !F

T GSDA N EH NO I S R IO 7 UT L C C DE S T SI C E D E N! MH US OT I CNEH NA BT I H R E ET D H LD U R N TE OUE HW NT B D I O E Y R E E A DN M V O AI OS MT C C N EN O O E SS I I B T NRC T A OE I EOR I T DSTA A N EV I N M R AUIOH TDC VN C U ENS REN EM IF N O HS O I G TS T I E N D E E HS E R N SM I OK 7A F

HNDDN COEEO I I S T H OXDT A C L E T WE E C X S ESSNA S U I R T A D ME E E ODNH N B CNUT G I NU F OE F I R YDOOTO E E ETL NR F C B AR U D @ R AE OI EU MF L S O E E RR SO SB I E L T S C ES EOE EAS I ATS HT D T CCDSN E F! NESU O N S S)I NI H A AE L OT HT C I U T RCPHS A X CE!ETF R D I S O L E I SH NH P I E MUTTTU IEFEEL ELOSHA HB SWV A A T L S A SS E T I E NMO G T S I T A OE S E HA R O CH NT 7I S FI

ii b

E L B A V O M M I @ Y L N ON O GI NT I C S E US FF O NO O I T A N CO I I L T P C ME IS EB HU T ES BI N Y AY T MR E TP A HO R 7P

GND NI E OS I T N O C I L F E C E S S DD I D NN AU A L I A ND T O O) NT I T C EF ED S IO S N NT EUO I EOT WDAT T TE E U E S TP BA S YCMA O AL OD L C N T P A E RS E E E S H T A T N M I O EDGC HENN S I T OD I L I SC N I V S G OI TI A R D E PR HN O U F 7@

xxiv

xxii

xxiii

54 xxi

54 ii

52 xviii

53 xix

52 xvii

51 xvi

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TAX AUTHORITIES (SECTIONS 6 TO 9) S E S U A L # N O S E T O .

S E R U T A E & T N E I L A 3

S E U S S ) T N A C I F I N G I 3

R XE EN N OA T DM ET R A E WH OW PN MI E NTD ECE E!N B I S M I EH R VT E A T HRE E SDD N E N I UE T I E R N B OO HT I S T A C U H I AD N SO XI R AU I T T C I HJD CES S I I I H C R R U 7E J

R E W O P E S I C R E X E O T D E B I R C S T E C R P! S EI R H A T F SO E I T I R N OO HT I T C U E AS HR CE I D H N 7U

S T N E D I S T E C R ! Y S L I I R H T A NF I O D R ON TO O I T .C E RS OR E SD T N EN DU I D S E E N R NO OM .M U RS E HE T B E HN A 7C

SYSN R NN O A I OA T M EC S E IYS ME O T R UR E SE GD NN GHI NTT U I A RL U E T E SH C R S T I ! RENS OHOH I I F W T T T A I F M MO ITRN T L O ECF E ! M NM I S II E T G H C YT NN I NFK E AO EM S E I E SM N R O R OOC T E C HIF ! T E T C T H REIT S M S E I OH IT HRL T T E E ERF O D HN O I MR 7U IP T

T C U D N O C R O H C R A E S O T R E W O P YT NC A! S SI I H ET R R E E HD T N RU E HY T E E V HR U 7S

ASSESSMENT (SECTIONS 10 TO 14)

O T S N O I T C E 3 F O T X E 4

S E S U A L # N O S E T O .

N O I T C E 3 F O S E R U T A E & T N E I L A 3

S E U S S ) T N A C I F I N G I 3

5.5

5.3

O T S N O I T C E 3 F O T X E 4

5.4

5.2

TF D E O S EN KD T R I EAA A E S G R MO T L PE RS A I T A IBI F D P ESNA S A I CT O C HT E G C E S W! UNS I L TSA T A E I U V S H H PC S T TM A E R U NE K S ROF GD I NACO E R UMRR O O E F D R F I F DEA S N ESF N O S S A E HI O TR S I C L T S S C U I A S E SU IN H D QT RC NEE UE AM H YBTFO NSEO R AAHTF S EHWS T S E OF I A URCO E CA L T R SP NV A A ) L

5.1

62 iii

62 ii

62 4.4

59 4.2

60 4.3

58 4.1

57 xxv

I-14

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I-15

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LR A VO OT RN PE PM AS S GE NS I S N A I A G T N B I OS RS OA F P NE OR I O S F I V E OB R PY T I YR R NO E AH D ST R I U O EA T R E RN HEE T HM RG S E I S HHE T S E M S HOA E RR 7F R E T NF OA I TRE E C CC EI I F S T F O R/ E N DGS NNH I I US SO EE T CS I SG T !I N O NEM HO TT I M C Y IB L N DI O EE T MU A IS T SM HI R CEO UBF N OI MT T SN WI OTA V HCE ! NS L E I I H R H T T E I FH 7O T

FR O E D EN CU R UG N OI SD E RE OC D NOE ORT P I A T H I A T CI MI N RHI OWE F NFB O I Y FSA I O M S A T EBC R UE! H TT S A I H NNT F EOO N HO T I T SA I N O TMI R A T OC HF E NS 7I

DS ES R E I S U S QA EF R O SG I YI N T I D R E OE HC T O U R AP RG E N HI GT I A H I T FI O N LIT A EN VR OOE RFM PES S PBE ADS S YEA NNE I AA R RT R B E HOO T T EN E HBE OM 7T

EN HO T I T YC E BS DR EE R D I U N QU EE R C ST I I NO ON I G T N C I AU F S S I S T I A E S R FO O F E GB NR I ET D RCC OI! F CF S E/I R H GT RN E F I O HS T S E E S HS 7!

YT NN AE M GS NS I E D S I S V A OE RR PR TO O T NN RE OM F S S EE L ST A NSC OA! I GS T N A I I R H T T A EI R HT I E T N D I N ER BO U G YFN T AI I MMD E IE TL A EC HM O R 7T IP

EST BA C E! OR T S RH I DO ET T R F I NO U QE EM S R S N SE O I SI T NSC RAE U S G T NF E I R O K S XAN AMO T I RS EO I T FV A O TR R C A P!P ESR S E I H P YT NR S A AE RDT E NN HUE T M E DS HE S LE I 7F S

SR MRI O H UT F UP T Y FL N AEON UH O QT R I NS EO T O HF N I T TC T U FE O O S EC S S TA I C RA MRE IO D L K NN DEU L A M O GB HON S SC N II E ND U R S HIEC E Y N T AL T C L YGO A NIR E N ARP E O SF GSP I N2F EDT I FO R EAO E S E I HL TS T OI I T O CN P M RS I IR E IR , HD U T NO P E E T S HUO E C FP! H 7O T

EG HI N T T FA O I T I !N &I EF L O U DI S ES HA CB S E NH I DT EM S OR L OT C F C S I N! D S I NAH OCT I NR T RE A UD MT REN ORU F X G N AN I I RTD E E E HM E T E C OO HC R NP 7I

N OO DT I C CE I L S B UR PE D EN HU T N MO OT I RC F DA EE T H C T ER L L O O CF S NS I OA I T B A MM RRT OO C F F! N I YS RAH I E HMT T F N E O I HA 7M

DDE H ER ET T I C G U EQ L N L I ES O CRS LSA I A TP I C R E E !R T O S A F I E H MT BR R EE OF OED R D SO S E E T V S I N S E E CNAM EI OE R S THS NCTE OEOS S I S T RTA A D E E MD ER T RNN R OUO O F DRT N I EFN RDNE O I E M V CS HO T S EE R E HPBS S SOA 7A T

O T S I T C ! S I H T R E D N U R GE NN I N D EA E CM OS S RE PL E TC N A EF MN SI S E D S E S T A C U RD E HN T O E C HE 7B

xii

75 viii

vii

72 iii

72 ii

71 -

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E NC SU A I T ERO R O RTN SE OI H TT N CT E!F MSO E I SH C S I T E V S FR S O E A S G R NNO I S O T E S I CC T A I C ! T PE S RSOI ORNH E F E T HF TDT I O N MU F O IR L EEEN U D MR O S I S IO T T I C T E E RN E HS HET R T MME E S D HS ON ER 7S FU

T I CR EW S FF O O Y A NW OY I B T C D EE S G BN UE SL L RA E H DC N E UB T D R ENU UAO SC# T S I C H E!G CSI I I T ( H O T NF E H RO T E H E T R E O NF HO E 7T IB RFETREE A O E E DH DN D I DI O R S NSA L 7 A A O UT T L YE E T L A SN S N A ENRNHYU LB MI OOU7N B OI ST DI S CE R R E EL L 4ET4 S S E BCE S H A RCEY!T H N S EE A T I R AY Y DC MH B T B RNS FT EO OUI NR N TDROE E I N H EET M T EDDC MIRE NSD S O S V O R N E SO I I E L T S D S O R A T C S I E A PNRT E A S L I A E S S P SG F H U A I F A O M T R T O I E H ORS N T SD U O N E F N E I S E H T O R S HYCNA F C N U A L OL RPWASIE N T T E TU E CE FC EC HB ENB T !OOS A E HDB CS ST HNI NUR II A AHW 7C T KSOH

F SO I H T F O N I O T C NE OS I T F C EO S F O N O I T C NE OS I T B C U ES S BM UO SR RF E T NN NE AR E MF F IT TD A C HI S! WT S I CH N! T )

TNI T NN A I E C H NMT C I GS EH I SSW E S E R A S OS F O R A D OT R EGEA N S OME OR L O C WCY S NE I NI D H NIDT UEEN D S I EAO L D MMC E S ONI S SE DS E FENS O BUS TSHA N E A CR EHU MTS R E SS RO S E S E D HE A S T S DE S A HSS N E EAWS G S S E N A RAO CMA L OEEE NC YBB )

T GSI S M N NAH EOI T R RKDF F A E E PSE VO I SE PH ATNC N E O EOI N R K T O A AMC ST I T XIIC S I L R I E OS MSPR NP F RO AE I F H IT H EICT CWIN N HEN R D W EE A O UI I P T F N QT PC I I EC E S HAS NET HB ORNC CTOU U O S ENMSR F BSEO E I D H DDT NN L RFO U U OO ID OC T WE DAE C R D NI T E F I A M I V T T HOEC OC R! EP HR RT 7F

TO C !H SW I N H O T S RR E E DP NE UH TT N N EA MH ST S R E E S H S T A EO R N RO OS R TE N R EPE MAN NW SO S O E EL S S D A A I AC RMF I E E HEN T BE E HNB AS 7C I

APPEAL & REVISION (SECTIONS 15 TO 29)

O T S N O I T C E 3 F O T X E 4

S E S U A L # N O S E T O .

S E R U T A E & T N E I L A 3

S E U S S ) T N A C I F I N G I 3

6.4

6.2

6.3

6.1

81 xviii

xix

80 -

xvii

79 xvi

78 -

xiv

78 xv

78 -

xiii

I-16

% ' ! 0

S I H T R E D N U L A E P P A D N O C E S R O T S R I F RM A EO HH OW T H NT OI I W T C S I E D I SL I T R UC *!

T EO HN T RT E U HB T E D HE 7V E I R G MG OA HN WO S NR I E DP EE T S H E T VR SO I LD A E ES PS PE AS S OAD T E NS TO S H SE R GE S I S 2P A

YIE N BR D4O EEO NTT A OL LP DE U NP OPR E C! W EEO BH NTP AYH CBC U LRS A EOG PYN T PI I T AR I GOM H NT I I UL L I R AE F NEH T I T A E D L YL HI E AE L F PWT E I DPDS A U NJ RT E AS S HR LI T IA F E R NA HEU E HBY 7T

D E N O I E T L N B EA MA L SE R P E DP RA OE EB HY T A N AM T HC T R! E S I HH T T O F RO E D R O N YO NT I AC RE E S HR T E E D HN 7U

E H T Y B D E T T I M D A E BT NC A! CS I EH CT NR EE DD I V N EU LY A T NR I OO I T H I T D DU AA E RT E A HL L T E E HP P 7A

RECOVERY OF TAX & INTEREST (SECTIONS 30 TO 40)

O T S N O I T C E 3 F O T X E 4

S E S U A L # N O S E T O .

S E R U T A E & T N E I L A 3

S E U S S ) T N A C I F I N G I 3

EE H BT N AF CO E TM C !O C SN I I H T D RN E A DS NT UE S DS EA S C I I A T R S DE NM AO MD EM DO XR AF T D REE E R E HES T V S E OE HC S S EA 7R

E WT H AC T R !Y DS B YI AH Y T R MF E V /OO C 2 E 4NR F OO RI E T R CC I EE F F S W /RO EP YD R L/ E E L 2 VNL OUA CDR4 EEAD DPN 2I EA XV R AORE 4RAC EI EPR F GSE F AAH / T TG E S HTRN A E CC I H I S I T H S F I E E T WR S HS TE 7! !C

Y T R E P O R P E H T HT CC A! T S T I A H T NR AE CD RN E U CT I F N F /E M GS NS I E S S S S E A S S E !R O RF E E HB T E N HE V 7E

Y R E V O C E R M O H WD E NH OC EA ET YT OA L E P B MN EA NC AT FC O ! YS R I A H L T A R S E HD CN UU ME WU OD S (I

109

E RY N E T CE T L NA UH N D ONE I EWS EM R S P E I E OS E M C T A S N RC MO E A WNOPH O)#MN PT YIE OH SC BT A C H!DRU EES SC LI W A EHNO PTAP PRH L !ENSA DEIE E RNSR P E I E P NUNH OYO ! T I T I S L RR T A S I E I E MNDHN D E T E O MPAH I S OEF S #CO7I NM M RA E LM U A HHT T N EO N E P # AP HEU Y R !B 7O Q

109

iii

108

98 vi

108

7.4

qua

97 v

96 iv

96 -

iii

108 7.3

95 ii

105 7.2

95 i

99 7.1

3 4 . % 4 . / #

I-17

3 4 . % 4 . / #

% ' ! 0

YE R C E I VT OO CN EH R C EU ES HT SS I N N I RA A G GA N MO OT I HC E WJ B NO OE S RI OA T R B ED DE V R AE NS AS I CE C WT I OO (N

EV R O PC E SR A F O E UE S DO GP NR I U MP OE CH ET BR O TF B E D @ F O N GO NI I T N C AE ES R ME ED HN T U S D I TE B A I HR Y R CE 7S

T L U A F E D N I E E S S E S S A N A S A D L E H E B R O T B E D A N A C N E H 7

TRO FE C E H !NET F S SWA O I O H R T LCE E A RI N H E C T W I DF N O NE I UNE D E DEDR NBAE ASMS T MISG I EOI E DHTR W N X E E ANM H O T T S SG ER S HE N E T I PSE S FA B A O N YMTO U R OBS E R VR E Y OFR P CEA EDI R R ACE I H RMF T E E O HEN T BEET E E HNBMS AROS 7C OSA

EC HE T S MR E OD RN F SU E D UE DB I ER HC T S E RR E VP OS CA EA R I D ON T ) EE R D UI DS ET CU OO RD PE ET HA C T O SL I S TT A EN HS O SI 7A T

E H T R E V O E C N E D E C E R T PC T! O S GI H ST A R HE DD NN AU MR S EO DI T XD E AR T C RD E HR E T E U HC E 7S

111

LDR A E E E NB S DO OI N SC RU P R R E SSU E PR DP N S EPA I BSM H T YAER AYD O MNXF AA R EPT E R G FA MO E HOT N T CNA SAE E CFME Y NO H ARAT T E S EPB R MGO A N FA UN CA C R I - O C NH TAO A IW T HFC WOE T YSC RT R! I E LE I DB DI S NA NH IUT 5L

qua

DD EE GT A R CE A O D HL A CT M E ES BS S I YAT AFN MOE T M C E S P S NSE S E OR S I T NAE C N I EE EM S O DHC RA WN E DM ) N YN L S N UI G I TTOE N S RR E EO O R M F E A T SD I D N S E I E N S RS)O S E L E HAD C T S NI I E ES D T HH N U 7WO U

ENS BRA UW YT AEE MRM X O AC NT N RE I UM T N E G OI R C E NR FI O O GNF E T D NH U I E L B W I S F O D L E E C L T S I I A N L OFD S I T RT A R OC O F EWH S S TR S R E E O R DN E N D T UOE N I T I S E C O RLE L B C E S AR S HC I T D IE E L DT HP PNO 7A UN

R ON F O PT TS C C E! !R R OX SC I A H T T YE T L RA M E O DNC NEN UP) GE SN H NI ST OO I F S PO I V OM RI P D N EA R AS T S EEN R R O E E I T HN T C T IE RGS E NO HG I T T E RG HAN HI 7C D

E B Y A MN O XT I AC T EE CS NR AE VD DN AU FD O E TI D N V EO MR YP AS PA T NC O! NS RI OH F T TR S E E T DC R N E T U! N S I DI H ET WI OV F EO (L

115

PENALTIES (SECTIONS 41 TO 47)

O T S N O I T C E 3 F O T X E 4

116

8.1

114

xiv

113 xiii

112 xii

112 xi

111

111 viii

111 vii

110 vi

110 -

I-18

% ' ! 0

S E S U A L # N O S E T O . S E R U T A E & T N E I L A 3

S E U S S ) T N A C I F I N G I 3

EO BR NP AT CN E M S S DE NS AS A T U SO NH OI T I T W C EN S E RV E ET D C NT! C U!S I H ST YI T L H R A T E NRD EE N PD RNU U E G HDN T I E E D I HV E E EC 7L

DE EM I V O EC L N EI BN NG AI CE R O E F R FU O T A EN SCD NRE OUN O I S T I A C N L EE P S X RHE E W D N NNU E UV F O YE T T L TO A NCN S E!I ST PI RH E E TS HR S T EA E D D HN N 7U A

RN E G DE I NR UO F SF C AO L M U T N S 2A U FQ O E YH T L T A F NO E D E PV E I I FT F O C I T NES OPJ U S I E S S I R I V R OI T R E P S S E A H R T O RS E E HNM O T I E O T HC C EN 7S I

S N O I T C E S RE E R DU NT UA SN NN OI I S Y I R V O OT RA PD YN T A L A NM EE PR RA E H T E H 7

RD E DNN RUO OOI T YRC G T L EE A S NBR ENE PAD ECN HLU A T GEG N NPI P I S AD S E TE A S PR C I O RF R OF F P O SY Y T I CT L MN A IE N L DE EN P ME E IP T H E TE R HEGC T H N N T I EE A P R H Y E A EE TWK B A D HN RA ON 7A F I

126

F O E S O P R U P E HM T RO OH F W EN S UO AS T CS EE L R B A N ON SO A I T EC R E ES VR OE RD PN OU T NY T EL DA RN UE "0

S I R E H T NE OG I O T T C ET S U RP E S DL T NU UA F YE T L D A NE H ET PL L FA O R MO UF T R N O AT UU L QA EF HE T D RH E C HA T E E HR O 7F

128

T OGE T NS I S EH R SA I UN NR L I RGA A UI F E FEY R RRO OO F H F FOC A TE NR NOO NO I F T OI A T I Y L T C L E T C E R N ES S E N R D REIN E D N E DNO P N I U E T UDA D N NMI YA RD T L O A E F N NR S N I O EU PT P E E T M RRA I E RE HU HS T ICB E N CN HR AA UN 7F IC

TN C O !T I SC I E H S T RF E O DS NE UN I NL OE I S H I T V O RNT POC YT! N T LEX A A NMT ETE PEM YBO NAC AFN SO) I EE EC R H NT E EF HF T FO RO$ E E HH ! T ! T E HR O 7F

129

xii

128

SN EI EH A S C T S E FE S O S S A U A E C HNE O T L I B T OC A T EN O ESS L R A B E E AD L I NR A F VUO AYE T L C EA N BN E EF YP E AF D MO R SYE H V E T CEE NLH EEW D F H E E D DTDA T NE S TN AL A I P T HA C E G! 7A B

127

N E P FT O C N! OS I T I A H I T T I F N O I R O F T I M I L E M I T Y NS AN O SI I T EC R E E S HR T E RD E N HU T E Y HT L 7A

126

vii

N E P F O T NC O! I T A S I I T H I T N I F RO O F T I N MO IT I L C EE MS IR T YE ND AN SU I G EN R I E D HE T E RC E O R HP T E Y HT L 7A

125

127 viii

124

125

124 -

123 -

121 8.3

iii

123 8.4

119 8.2

3 4 . % 4 . / #

I-19

3 4 . % 4 . / #

% ' ! 0

PROSECUTION (SECTIONS 48 TO 58) O T S N O I T C E 3 F O T X E 4

S E S U A L # N O S E T O .

S E R U T A E & T N E I L A 3

S E U S S ) T N A C I F I N G I 3

TG RNNRC O OE N F VEF!I D NEPNSE R I OH OTRI EA I C E T TCOT ! O Y U DURR S CI T NCEP N EH AEDTE S S T N N O R OR RUEM E RE P S PD D M D S RRE SE FNO S O U ETSS E A T H I S N A YE T NT T S I E OL A T N H I A N M F I T O N A 7 A S ET I V EE S BN T E P I L N RSTNEE S C I M O R A !AE C ET E ESS BS CH HI E NT K T H R NE OER FTO AT MO O CN R GEBMF EIN T R X DFOC O I N E AS U C! S N HT E T S FA ORI R I O ROPET H F T E D A T NU E R C HO R BE T IOOI FN E S I H Y S HA ED T L T I VW VN L A 7E A EU F

139

T OC R! PX A NT OE I T UM CO EC S NE O) C R N E PH E TF F LR E EO L L DE A RNM AUA P S D NE EA H BT T NCR A!O CSF I T H C ET ! R R E E R HD E T NH T RUO E G HN Y T IN E D HEA R EO 7C

TNR RE OS O OF F I ST AAY L L NE T GRN E I E ND I R N O NE F O P I E SOT D NTA ONMN I O I T R I C D O T EA E F S T N L A E I I RR T E E I T N DNA I NIR UNUE R CB UC NT AY OE I RNA T I U HGM CS T NE EN II S ORHS RUSS PFIA N RNR OU RT GA E I E FE HR ER Y R T OH E UOF F L HI C ROA AO 7F TE

TMNE C R EO !UH T SN WM I A H R EO T UC RQN E E DEEN NHUO T QF UF EO DO S T C EENE T O A V P CS I I T T I E C ER N EH I N EPTI BS S E E R BC NR A AI L D CXL NAU OTOS I F W2 T O F U T O CNA EO T I S IHM OS RA7I PV L D RED L E YEO HN H VS T L A E O E HRV R ONT H 7F I

140

RSI S OAH F WT D F EHO I CT V I N EH E L EWM BAE I C ND N AN E C) EM M D IO NS C T OU I E T O H C EDT S O E T RT R A E O DCI R NOP L UT D YE E S T L R S I A U NAQ EDC PE SA RO R E L O HC T E S I E DT D HN AC 7U M! c

T N N D N S T C ERS GI OC !T UEI ! S E I SATSR C E S V I OO S R O A H I L T RH XTFP FTAU H T E T O BCRF S UEO SETS P AMC FS NO!O G A C S I ITT NH E ) C R C T SOEFE!N F P H O NF O S T SI OO I E TR T NN I H C T TIE TE C C D N EE RS M I EE S E S P H DT RS OC E L EC N NI DR SE UW N N I RD MO UND I E I T T A TMC YDO A E T OE L ENC L S SER A NOA EPIORD PMDTEAN R D N O O RI) NMI I E E U S T R E I HB C DPTT T E I E N YS D S E T HA S EES U L F I 7MO MAO F

140

iii

139

139 9.4

135 9.2

138 9.3

131 9.1

130 xiv

129 xiii

I-20

% ' ! 0

S SSN OAO E RR I PE S I EHV HWO T R P N I Y T N L E A V N I E G P NSR T EN C O! EO F I BT NI S TC E O EV H T NSI F RGO SE A N HDE NE TU N B USS ON A CO H CS ITS AI I N MO KV I NOI LT ARE C BPV E NOS NO R BE GI I TAD E U EN R CH OE F TU EE CH NT EO F T F R O O ER I HP T RD OE F T T DI EM T A M I T O I C N I T EU T BBC NT! ACS C!I H ST NI OH F I TO T RT U CEN EDE S ONM RUE PDC EN RB E IE HR T CM E S M HE RO 7P C

R E H T O N O S R E P A F O N O I T U C ET S ON RE PM T EE BB NA AR CO EF R E E E HS S T E RS E S HA T E N HA H 7T

S O R P F O N O I T A I T I N I RT OC F ! TS I I MH IT L R EE MD I TN YU NG AN I SD I E EE R C E O HR T RP E N HO T I E T HU C 7E

DECLARATION SCHEME (SECTIONS 59 TO 72) O T S N O I T C E 3 F O T X E 4

S E S U A L # N O S E T O .

S E R U T A E & T N E I L A 3

S E U S S ) T N A C I F I N G I 3

GENERAL PROVISIONS (SECTIONS 73 TO 88)

O T S N O I T C E 3 F O T X E 4

S E S U A L # N O S E T O .

VALUATION

D E I F I T O N S E L U 2 S E L U 2 E K A M O T R E W O 0

S E L U R N O I T A U L A 6 F O E C N A C I F I N G I 3

E T A D N O I T A U L A 6

T R O P E R N O I T A U L A V E H T N I A T B O O T E E S S E S S !

S I R E V E H C I H W T N E M T S E V N I F O T N U O M A RD OE T EP UO L A D VA TE E KB RO A T R -E RH I G A I &H

R E U L A V N G I E R O F Y B N O I T A U L A 6

12.6

178

12.4

176

12.2

177

12.5

177

12.3

167

12.1

154

11.2

151 10.3

154 11.1

151 10.4

148 10.2

142 vii

141 vi

141 -

143 10.1

3 4 . % 4 . / #

I-21

3 4 . % 4 . / #

% ' ! 0

E T A D N O I T A U L A V E H T E R O F E B D E R R E F S N A R T T E S S A N A F O E U L A 6 T N U O C C A K N A B N G I E R O F F O E U L A 6

E L U 2 E L U 2 S T E S S A F O G N I L L O R E 2 F O E S A C N I N O I T A U L A 6

3 94 %% .3 /3 -! $ +. #! ! ,% "-

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! S N O I T C E 3 # 0 )

S N O I T C E 3 # 0 #

N O I T C E 3 # 0 #

T C ! S E I N A P M O # F O N O I T C E 3

T C ! 0 , , F O O T S N O I T C E 3

267

265

262

261

260

S T E S S A F O S E P Y T T N E R E F F I D F O E U L A V T E K R A M R I A F F O N O I T A N I M R E T E $ D E T A D F O O . R A L U C R I #

APPENDIX 4 :

256

255

242 APPENDIX 3 :

253

242

235

234

224

215

209 APPENDIX 2 :

182 12.11

209

N O S A G N I T S I X E T O N T E S S A N G I E R O F D E S O L C S I D N UE T FA O D NN OO I I T T A A UU L L A A 6V APPENDIX 1 :

179 12.9

180 12.10

178 12.8

178 12.7

I-22

APPENDICES

% ' ! 0

T C ! Y G T O C L ! O N T S H N C A E T 4 N U N O O C I T C A M ! D R E O R F E N T ) R F A O H ! # F O N O I T C E S O T S N O I T C E 3 A I D N ) F O N O I T U T I T S N O # E H T F O E L C I T R !

T C ! X A T E M O C N ) F O # " ! S N O I T C E 3

276

275 Explanation

269

3 4 . % 4 . / #

I-23

W LDNSED SSEEOETL I I L UH T A H C E O MR H EL B O HOT T I S HO T CE T A!S CI FOO I R E S U V I S L C O D E S I H C ES RE EN MDB NI DD H S R D WP OIPSTAIA OEE E T S I RCD NCRD AYT U C H O A N Y E N I CT L ! N N H N I E D U S D E A C E MXIN D H NAF T D H P U ) H A S C NI OAC US CEAU P NA T EIT R M S I U T R F A O DC N EH A SSESI S I I Y D E N T S E ! BBR EEMWY FS S T DO O SHR O OT I U L R E D I I L A T T C PA S OH A U EO E N NOE S OQ TT R R CEHE DR ) S ER S RT M C S E EE S P E M E V U I S T E U DCAHL OEL SA OOS A L C B CNNNTPS SCA T OUEERPEE NCYLIC F I A E S E B D L E L L ! O S R A T A H I B H T D TE R A O V T H I C S E CHA SN! T CE SYH S Y A A U E C U P l T S H T S S U WT F A S E SHDSNEA I A S S I T F I Y S H ET YO D/N E T S RSC NE S S EGR OANBI S S SAB S NU H D T S NDN OI FAECFN) E E S S A G L E X I G H S R S S Y C I O O H A HINI S E L CA E E T S E I T T A T C I W R V S U A R R E C N D S O O UO O L S L N A E OT ET F P N!B SF CG TE UEAA E XS D P I HBR DRYESDEF E ST E L E YHI A R O L A S S NO S NTE OC U RYESO O D E F Y Y F AYE E L E NL L E D C S I SBSCATSCL E B S S I U S I S N E X l N I R R A I E F T S E F EAS L O D O D E E O A T R I / S N D M N V S N T S L L E O E S A E C C EU S A S HT GA EUC S A E S WFSS T I TDNH BFU E EHNI S S O NDOOAB D S N H H G A S S G ( S E E EI A A A C U U U R E S R U U E H I CO S I T S A L L ER R R H H C S EO RE! A A O! HO NB O Y WT VBF V4T F )

S NA I H DT EI S E UI L NH E EW B N TO O I NT C SE A S HF O E L B AN S O S I E T S C S E A S @ B MU RS E F T EO H T E EES T S U O UA NA L C L OC T B FU TOS N A N C I ED lS I E N S GUU A I L S C N SBE I E UB TS )

Y T R E P O R P E L B A V O M M I @ O T D E R R E F E R S A H T E S NS OA I T R C E EH S T FO O Y N A T NO ON I T D C N EA S Y BL UN 3O

EFR Y L O U O E T 2S C A I RC D E A DNR NI T UT N NEON S C ES O VA ET I I G NBC NG E O OITS E I S S R T I R A OA H UFE T L DPR A E E VS PD A FO N O L T U C E DS S D OI S D E HN A T D E I UWV MFE O EONR HNEP T N OHO TI A TTT I HAHA T UT IU L EA WL T A V V O T NRE F SO OS OF T TGAD N DO NL AI H CI DOT lV FE I OOM N GR E G I P NH S I L S L T I OO R T T ) d

ii b a

% / # . ) & / . / ) 4 ! 4 5 0 / # % 0 / # 3 % ' 2 ! ( #

36 Para 3.10

3.10 SIGNIFICANT ISSUES ON SECTIONS 3, 4 & 5

R NRYFNGE I O ND BOI OI XFR T TN NAEA AAU C I I T E T T I OO I T T YNI I N O N O T N T C YIIIE . T R R ED C NE M OO S E A D F F S S S DS E S T N E R I NE N E S S ASRIEMA P S S D A IC L A ESE AEU EE A E N R H S B E NMT S R NLEI T O OI S L B OA I ET OI I S S B T A H N A C A M R S ESHE T S E RIC T FMEVOE! C R E F M O E N SN! HI GOOWI O C X NNCOFTHIA T T H N T I I O C T I A D RE ANHYTHE E EGCAPTDSM I I R R ENE UME E O T C S R UD NO C I HTEO N C N N R G A F C L ! NU) I OI NT P DH E GH O EW S D ES I TE NT R H HO I N ED E T F LNTC EC C I E O N R O MS lI E RE I R T F C A OD D/ R PO EN RN E F T R Y GPN P T5SUN N T SET I U I T EC N ONSTME S ) D! E I S I E S V S MN MS T V E E S EI SO SSCS R ! S S ! S I SHPE E T I A T S C E ES S S I SFH S FA E HT H !O O S TAT

(i) In which year undisclosed foreign income and asset is chargeable to tax under this Act?

SDY N E A S OA EL R HC O T SF RID D ON F E U DUS EHS CI UI SH S S I I WE E C BNT I I LR O L A N A HE E SY S T A S C !UC O N SI) V I E H D R T E FPN O ER HA TE ON NT E OT I E NB T C EAS V S EA L RE H E DRE NRM A UE O C EYN CTI I N T N O E G NMI E SR ES HE O 4S F

3 # % 3 . / 3 % 5 3 3 ) 4 . ! # ) & ) . ' ) 3

Para 3.10 37

N G I E R O F D DL I EA S V ON L C I S E I D B NL L UA EH HS T R SA S E E Y S S S A U O OI T V EE CR I P T O R NE HH CT UO SE RM A O ES YO TT N G EN MT I SA S L E E S R S E A RM E O HC T N O I

OTRSE I U E T C I TT DE SBN I O SN EDUS E MN WAE ORA N H CAL GT I NEF O I SOET R NA OS NF GWO E I E IDM E T R EO I OMS S C F OOOT L P DC C I EN S I S H IED H OH C T L I NH C CTU S UE I SS HW D N N SCI H A U 5I CN SR TH A GSE A I AY HWE R T HS N O CU EI F T UO RD O A I M NE E V OYSSER O R T A L P E TEC H NE C N S I T I l AG D THF T NNT/ R N OI UENG R I PR E O N D MUT F I F E S IDT I S S D RDC S E E EESE S S HS PISS T R ESTS! USECAE FSR!EH H BT SAT S I I IH EW F OO TB TT ) N GRHE A NE CM ODI I UT NDY I T A A EESY I DN E T E I HN CT N MO AA I EORN T HCPORU N T TPEO C RIN Ul H ONE T F I F GMG/ I W T N IE SI G R D S MO E NR E N IF I L S S ES O EDS P M E MEAE S TDS ISA R T O L R!O HE OC T NS E SISCH l D I N T F Y ENA A R UE/YS B E G M R HO D N S T E I T R F S ) TG V A S C I E T E E NE !I Y S CL SD S S EA I ES!R H R EA S T E E C IV FO NH O GT NE SRI YOS NPEB I R T R OTO A E I N F T D F S IED EMA V R T OMEA OE S S I RS F T B O PE N I L I N S ES C I HY S HA I ECA T REDBIM H N E T HU Y RI W PT A A M SFRM EI NY !O O I L (ii) Whether there is any time limit for issue of notice for assessment of undisclosed foreign income and asset?

EDNF Y AVS E O I SEA T SS NR A CR D U E A HN NE PJ SA ) O R T A S EAE HDDMNC O O N I DRR CAE C NOE C N D AEPI I FWV O ERT EO HE GEI E NHN R CKO ATl R R CS NEU T I AD D S O A BR S N ETI O E SC ER T R I NHA E U QDAT NER SNRIYRT A O O A I L T E TPFP N S C EDX S UA !EE EYO SKNOACD I ORTSCN H A T T A D T A S E F DEU A RE E O E PS E S T M DC MS EKO I NE OS HOC UP T CI ON XN T NBI WE C I H !IEC A O E C D L SE UU FBTI R G H D O S TN I T OF NOI RUR O ONTEQP A N C I E T YC ALDA E I N L C S I R O RUTR U E A PNEES O C O N S CA S I SSNI I T D R E EO H E RRH DN 4PI OOT -

OENDNNEOD T O MONEOHTI T I V S N GI A T R R NT T%C GOE E I SP S N E N P T R S Y S I U A R E AAO L RNET A I P E WRC I EEA R P AN O L C T Y TA F E l AF S GE N R SNFO A ND EI OO SDI TN ET I MR SRR C I SE AKEANE S N GOBEAP H E M I Y G O XA T L S NE B BU I S R O A TO ENFN E YHEOICF H RTTTA!D T I I O N T N S N N E M I I GOTIlI U A H N I NC T ELAT T T R I E A DEMRA N ET R E E N M S ES R D T PRODIIO Y T N E N OE NA E NSFU S EDS L I S A R NINAE NAN I R RUEA R O O OE RTF OT IDT S I N E F H N I N !T AA I V T TEHA T R ! C O C T E MRM RM C !P !S Y E ! N O XS S AEHTNSEEOA T C H I E S S O R 4S D N USIIN4I T N N E A EA& F C AP T O NE MG OY I N P S M ONDSR UEE MO I E U CP B OC BBEO# NA I D# CRE ) R N U C C N EA C ES OU OB EH S S HEE O F H T E GSTTO T R N N D RM S RFSI PI O R E Y A E K M T L O R DOI D OP O R E C CM NN N A XE EU IC 5I BES R L

DTDSE N N EO EE M S S O OMOIC S L L I TC C N V S S S I O E I I RE D VD S NNNPA UIUGC N YDHI N NECKI S U O AO 3 L V C N S I I D Y B N T C TUTX! A C SC T X !A!O A XT T YDA TE EET H S NS EGM OE O SMUC -S OON R CB ) KAN CE) E NH ABE ET L " OHEF B T T O FE FE O LOV C NB"AT A HE OL I I D T S L C UA U DW O O SC N T T RE O E T I S S N S TS S I N C A EAI O O S N N T T R GC GE RI I E E OE D S I R R NO R F OU 0F FO

(iii) Whether undisclosed foreign asset acquired or made prior to commencement of this Act i.e. 1st July, 2015 can be assessed under Black Money Act?

% / # . ) & / . / ) 4 ! 4 5 0 / # % 0 / # 3 % ' 2 ! ( #

38 Para 3.10

TH GFEFEDN NOHOH E E C I U YT TTI S A CS AY MC S E lG WB OO S F L T N R S UN YC F I T O !B !I SESS S T S R D E ETXC S A A N S A AEE HH S A S T 4 Y T A E ET F ER HMR N N E O OMDETI S C I F E ONT NR! ET O AOX GNCUX DEN ITHGA E C S EM)C ECNT E O I L I PES E T T WOHO SMS T M OTF NPE EO R U S L NTO N S A G C KE DNI N N EICA) N U I E EI R RP DA SN OE HT R N H T S EESFT E I O Y T T A I OPT RX R N TSE T E OCOEN F A D SE SL STSE MN W A E A I T M R U R MWS MSE E A T I OIDL SRP E T E E C) NE S S ES H UM S D T TE A T T N I A X N EAHTTTSA G U N D G C ! MR I U AH4E SE V O 4 R S TR XE EO H E L A B A F T A S E T L I T S T D HE ERD AANC T E N IS TE!MH ) GA WO L N MEOTE C R C C D F I R D E N N S P O N E I I ACEA) S WD l D T CF NEN MI U ON S HEO /A& PU E T HD GT N EI L WA X T A E T S S F A O DTS N NC O A!I S EYI V MEO ONR COP N-T I N NKE GCG A I N L E I " R R O T F F S E DOR EMO S RM OO L FG C S EN I HC D I NTU UND I XT O AC R T T !N OEI T T MA OR A DPY SE I L U WS* T H SG T T S I U NO I RM RBO E RY VEF T ERTL A WUCN T E A OL F E F SE (I P -

TD E E S S S S A E S NS T GA C I ! E EX R OBA F NT AE DC ET M S OCO L !C C N S S ) I I D H E NTT H UFR O RT E E D NN HE T E MU HED E WC S NS OE E T S S SMA A M SOE E CB S N E I A R HC A T T I NOR OTE I RH T O S T I E R E UP H QE W ADR AO EM T S C A CR! O S A I D H HET R CI R E UU D SQ N CU NA ) TI R DN SDE NO H E E OF H E T I S G T R E OCTA F C O L E R O T ES LCE HS S I S S R P I CE E D P Y EM S !NT S BO NA URN C F I L O L L H OYO I A A I T T R T T T H Y E E FCS C O A E S O V T EE S DS AA S ESI TITOD GN S H T H A NO ONC R F I S)U G DEOEI R EHTH VES A T D HG CTOIH E R R R T S CA C PA E T PU I EHTS H HCFERROW A A E R T E D H EERNY B T E N O I S R T I L Y L A NXSUC L U R A & A A OAO OE NH TI T A L G V ASN E TY ES TR SEI E S C S URC S U E P A ! S N TH O E TESEDAI R L H I V N D T E M H T EC EA T FAER I S UHMF E F O OPF STOO L S SC TMC E/ I SE SEOSHG S N T R I I T A OSCD A H N N A I T ES T I I NNS I D ESYI D S NHTVNEUEE O N C I U N S I RASA L O MH S E A PEC L ! TV A A S XWMEMI E SH HT ETSHOD S T T C C E T O! NSIF ON S T N E RSSTIUT OO T A I N E H A C E G DHYE C X T C I RTR USAI J E F OO B T E STTO R VUO FCON N ES FO!T ) i.e.,

EYF O T WH I OTL IE T POB A T AR YR EE NO GH AI RRT A YP L HT B A C E I T D S E E NAH S S E T M T S A S RE D OO D N ED I A V DE I V RO E OIR M RUP O T Q PC C C TA ! I N O NTS N I G SEH I S T E S T E E OAFS R DNOS O F TG A C I N D DE E !R ON S T SOI AO I C F L H EEC D T 3MI S FE S O O T D OC CN L ! N C U I NS SN H OII D H I C GU T NT I C E FR S EUO S F X OO T FA F O TNDT E N GOM EE S NTE C I G OR L D C ANNCE I S ER EI P R BM D Y NT NOM I R T UI A OFH L RC 0 OT E -

of the previous year

RDX ME A E OWI T R RO O F UT QT TPC C C H EI A G F F I F T U C E E O ES R HPS T SAB I WO E NNB E GT I S E VI O R I N T E O C R N F EE A F HDC F T ET E S ENOC E ! L MHC ST SI OWI C H C D ED T! BNNFI S U O H EA T V YTF A NNO E H AM N E T EN C ! HCO N TE I S9 T I C NME H ! O T I MS OT FT F C O O TECO S SN S NA GEN H OV O NT I I I E S OS G L I I E T R V V ORARO R HI OR P CRP E EPE H HEH T T YTD L RAE R NU E E* DMP HT NRS SU 7 OA

TS E U S O S I A V R E DEC ERI P S F OEF L / H C T S G I NI D N NIS ES UU E NL S AA S TV! A S E HI T H T T SNF E OO T A X E T AC S T I TO T C O !TN SDE I EH H GT T R FA O O HT S CE EM B N O L C OL A I T T HE C S ESS S AA I OD T H N C O) U SE I S V ODH I S RT C I PU H ROW E VDN E ET I R WA A OCE OY (L

O DOHS ES C I T IUV A V O COSR H OR L PCP I S TI SH I E H H W S T T S F A NO RI DE G P R ES A N S EN I O!Y L A C T S E C S U I !O D NSIR UIVE H E T R C FR PF I O E F EDE/ UNHG T L U A N N XI I VA S N S ET EE HOK S T TAS ! ET GL NB EE I B H A D EOT RG F A GRTO EASE A H R C H C I T SS TO E IE DH SN I CSE V OIAH RHET PWT HO T AF OI S SD OE I N M V E O)U O REL C PD AT I VE SS I T ES S H U HA 4OT

3 # % 3 . / 3 % 5 3 3 ) 4 . ! # ) & ) . ' ) 3

RRGEE RNEE OEN RTI H BT A I R F DDD DF CA E ENA L C O U S R EI EE I FUE O R X D U F KA C QANA /WI T CTI T M GTO OL A AT SRN E N I TE S P I H E S S E LETOS S A H B D S T E H A A E AT HT S R S CT O NE HI GGYTU!US R B I D QESE A E I F CHO HGA R M AT NS OCI F TF O N E E O O E C DR O S 'BS I ET EA T S E T NACAS I OC A Y T US L L CNO L !L C A G A A N T S I SCI II VH E I E D T C T R H EU NT A C OHS UF !FTA S M O TOO CH DT SE A I C STI HTTH N S U A E T T OM EAF HH TM L T W C E O T O S R NN PEC ICI ! C D I RN TNR NC E S E E T A I U H N HE N !T M I T N S Y OA I OMFT I H RS T O T E U A DO CR F E O EC EE I R DE SHOYV N T O E T E NHO N T W C N R ETI E I E O P T O T F C F SNM T X U E I O / EREV EQH I EOSOTCET G BIGRANS N R U N B P N E I I TPI T UE S I O MS ES GH S NER E NDATAMYDS AAHFFONAS CMCOOCAM!

RM SO I IO D R NRF P UET N XDE AAD T MI O V T RE EOS R I UDH E T R C A I I L U H S I Q G CW EA T L ENC HE! T EI S FBH O ST NAR OHE I D TN T E N ESU S T A N T I C EH! C HU S T I SH EFT BI F NO OE T T SVN MEE ET EEM S E S S CS EAN T R N NEI E GMO HI T E MP R G RO ON E VFCI EDEW E HO WS T L OL L OO O (C TF AESNM A O DDY O I T R EAT A F DMA LR I R A V L OONC RDEE S PR EPD H D T I DU NRN O AQ A O F HC X M TA AWE C O TT !E E D G R SS NH N S I I I A T H W Y R T NA SO GP FI I F O H E Y D R O B4E F D T T I C C OD! V T E !O R S SP S I O I L H H R C SE T T SS NI FFAB ODOOWM I N E T T T E U N C T S EFE S P S OM E GN A3 NOE NH C G I I SE I NN T T N A E I R OR A M O I A T T F L O N C T D OCME E O E CD S S )RCNO E I 6O L H C F D RE T ES Y IL E D T MEDN U R I P V * EO AH UT F O HC E RFS #S BP O

TDRRRNNI TX SC E A NEAEOGH! S T ATECIIT S S E l A I SE R FI TPYF M YCAE/VOOH N!HH OFTTO R T # G AI PDNFC SS NN N EH HEEO) III S E R H T CSM E O S E D T L E H FR HO AEUC C T S 3 S E WT NNR MS I O D ! D E Y N TE I E L NREG NMT A O D C HMUD HI NUME N T T T S E E E U D DC A O YR DR FT EN HCO I BO AU O T DE MQ I DCROSN V CECATND SA OMI UAERON RMT I O L Y S S NS C I POE A L I EI P SCS T ERV A SESPRPOC HOABIAUER! LTDPS TT RHE L A ARI C OCV AL H S ET !I M UANHI PR SRSHOSG P I R T I O E T SE FT OA C H L C EO D T FD DE!ED N T D S H E A S O C RITEEU R H R I MEME F X A PEDTOUL A R S F T NOEENO NQCO D C E U ODRE OA SI DT I N N E E T T B STH T I R C CON A L I OG I I EU LT EW NA S NU S T I OV OH N FQI S N C H I T O S O OE AA CAR TAR I R W E A HPHH B S NL T T E E S C EEC SWU E I B A H S E E B T L UBDHHTK L E W D T T S C A AA AS S C C OU NM L H! NA # HNS A!S I

LESI TN GA LUSA NT G I OPOEHI E T N I C M T R I V I S T FAE A OT L O XROWF P C XNEPNOD! H E O EI NEHS S S C A TT H I O I S C A H I L NTH !T T C H N E U S R SP KIW4D I I E DR A H D MT O T NN EF U R FOSI U O CA E X HUE A G Q S T NNHCS I OD E CAS O I I RT T ASA RH C I A G A D E W EG N S N YI R OET)E RA R H E E T TSETHBE WCSI DYT O Y T O!AS B N E L SDT ISH I E D U I R N T BH E E O E R S G CU NTA O N l EFEDL T I E F VOMT C R A I OAS/L U G I S C D I D CO G NNN G N D OOI T L E I I I E T T NYOSLI R C N S E A T EGR E R HU I D S S T E T E Q S PNSF FR C UO OOA!O L A L I NFR E F EODP HNI NI E TON E I S T S S Y OI E N B OU SVL V EE O I O ERCH DTT S N E P R I I R E A D E UE A EN S HH SH ES S FY 4T UO ITA

iii

OTY RCN P!A G ESN HII H T T G N FI OO T R TSB C N R EO J O I B F S I UV T SO N h U ERO DPC ARC MEA H T O NO T ETN EA I BH N STE K A SA HN X ATA TE ET C !MBO OT SHT I T H C E I ES T H V S FW AA O H N v G T O I SE NCL O!A R I O S T I DF C H L ET D U S E FOS GO WO NS L I C G NYI S R OND A I AN S HI FU #V I

Para 3.10 39

viz.

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GN NI O I T Y S F I E R U A Q L C T 4E S $S "A #D YN BA DE EM UO SC S N I I N G I E R R OE YF L D U DN *E U HS T OS L A C DS D I ED E T S A NS DUE RR OD F E D O A .CN RNE A A E I L L B U P CMS R I OA # CH RX E A PT SNO !O.

NNEGE HED GAT I A SNL E E R EM OKIHR ADT &T FO E DOI O R D ES E N U L S R OAQOI I L U CT C ANQ S I C EA A D T I N N D T I SNE 5E E )HS L S YUETA E2DSN N I SEG X T T OA I A U E -4 CR OI O D KFDN F COEI T D ANA T L O OEC S C " S I ! L T O O I A FS L L S C O I O HS Y H CI T PR T I DF M H E NO E) P W L U O U DR T N X 2NP AE A T N E M I SS OE T U TC NE O G ES N NE VSH I I !A R M G DF BM NN O OO OA T I E E C T EL E A R MP RR U T M R O O S T A A F A UCX E L ES L NEY L ) ) IB

D E T A T S N E E B S A H T I N O I T S E U Q E V O B A E H T G N I R E W S N !

XE H AT T OO T T GR NI O I R R BP OE T D SA I EM R R UO T A D L E S I R G I EU L Q EC HA T F FI O N NE V OE I T T N EE S T T S N C A I ! ENS HG I T I H E TR T A F O HF O T T SDN E VEE S OM OL RC E PS C IN YD L E R NM A EU L YM C NO TA C )

SR R A L E U WC SR NI AC D EE HR T R E MF E OR RE F V RO A EB L A C E RH E T HF T O R U F S D I N TA N E T Y N L I U E * V H I T T A L S S D I OE G T E.A L N D HO CI T US SE U RQ F E VOO OT EN R E OV O I. -G

TDR SE E E I S P G R S A EA S L L ENCA GED HI D O T E T I FR R O O E ON NFDP D OE N W I T O SA N TD EOCN L T C !I N S S W I I I EDH S HNTH F U T T O TYT N A HNNO A E T T M M RC E A EE E!C R L SNH C I ET H ST I MN TRMI I E N DOE NN CV OU I I OG S T S X R Y UA OI T T CT I R NC S IOP U! T D ETI S EGDRH O VNAP I T OR MP F BBR OO AOO E ETD H SET HI T N R RO EI MR E I U T P UQ OT C RA CSE &L AA S

SE YI AI T R T O DF DN E I R PLAE RASB V E T LR T A N U NO I OC DI NT L UA AT N NI T O OS I I NT F S OU O I V CT N I OS T S RT O N T I PI C HDOFE O CNCE R UAES I S HA D E T CE L NB EE H R OA I OHT N N T F R I EE NE P T I P OYBN S DL LDOA E A I EG NT T R A R O E E CU I L DE I T O I S D S NBEU# J OOUD H CTQA G I NL RME A( UE E I OE BNH l S L NT YRE I O D O $ F RN A E G E E VOL L R NB ED I D W AN N N S OO A EO IH (T P(

NF EO ER BA E EY VE AH HT ON T E V SE ME ER EE S H RW E T WC O! PS I HH CT UF SO H C I H N O WI T C ME OS RF F O N O I S E I S V U OA RL PC CI S I S D A E BV I ER HE 4D

40 Para 3.10

Q. 14. What are the consequences if no declaration under chapter VI of the Act is made in respect of undisclosed foreign asset acquired prior to the commencement of the Act?

“……..if any information of an undisclosed foreign asset acquired earlier, say in the year 1975, for $ 1 lakh comes to the notice of an Assessing Officer later, say in the year 2020, when its value becomes, say, $ 5 million, the liability under the Act amounting to 120% of the fair market value of the asset on the valuation date may arise in the year 2020, besides prosecution and other consequences. In this case if the valuation date is in the year 2020 the amount of tax and penalty under the Act will be $ 6 million.”

Gautam Khaitan Hon’ble Supreme Court in the case of Union of India v. Gautam Khaitan reported at [2019] 110 taxmann.com 272 (SC)

3 # % 3 . / 3 % 5 3 3 ) 4 . ! # ) & ) . ' ) 3

TE ERN E HC B EN T ElMA BFEC / O CN G T O NNI E I DS T MI ES S I MEMU ESOQ ESCC D!OA E NHTF R O ETO EYI R BBR A E SDPY E E A DE UA HS H TS E IMT S S RWN I S O A OOI S N DHI E N GO DV R I I O NR E IU T A R OCQTP S E C F G R S A E DR N SD I EE S DANM W ON UE L T E U C O E S D T E S I L C S D G I I A NT A N I UOHFK CEA FNU H 7 O CS M NI NTY OHE I W CB H ! T I D S W N S I I E I U NH T R F QA ETI CEVFH AYEOS TEYD SYN I LN N MN EAEO A R M OE C X E TL HAENE B C T T N)SA l NOEESI ET HAT T NS HGMF N M G U O WI I J RO E E T B C R A OB O F O HT T O T RODT T OTEM I S N R O A P E E V LS C E S ETD S L ND I C T E AO O !M R INN T HX CUS GARE E UTOSHO C F OEDO E UD HMR T SSC T I OU NX! CQ OA GN I TS CS N) I A I I OH U ETV T T GH O E I RGF TS R T NO RSPI A N E ERN I NH DG TBO ENI I S R R O I OUEE T R V RO E PNO ME L B WFSERA P A D EO H E HP T T N E S T C E H O T ! T T LYL C L Y DCS! A RL S I E L SAIHXD A D E T I G R NF ANE L TA 4UL UO ) FR NO E UTT H NR RE E U HMF T EY E CA HN M WE E OMU T S SMS A OI S DCI EOH T NR 4 I O MI T C AR XP! EES I EDH VAT A R HME RD EO N WD U EX ER UI SUA S QTS O I C T T DA R TA ET H NE GP OSU S I O T OW A N R N EG BT MI O E T EB RR N E ONI I F L D A R DCE A D E T ES I C V EO I HL!D C S T I S E I H ND B T ) M O C O T RY OL I R U P* T E S D A N MO D N RSA OA T DDC EE ! R TS I S I U I H QXT CEF AHO CT TI E H N S S WE A M TE NC G! C I N E SE R I OH F TM DFM EOO S TC ON F L EO C S MT E I D EA NC UND E NEH AMT

E H T O T Y RL U O* I R T S P EN DO AS MA T S RI OX E DT EO R I N U D QI CD AT U TB E S T S C A ! NI S GH I E T R F OO F T DN EE S M OE L C C S N I E D NM UM NO AC

SY NEI OBH L T I TN T S O S NE UNI D CNE N S A E I R CO D P E RYFD E G E R N OE PL I H SA N A N4O I T EA A E VEV I U T MO T A I BS A MS AD R E N lH O F C T A E NO NE S .E I H ST H NT I OE NNI E T S OV A I Y EU T L A A T UEI N S T UO A I ST S O S T TI RG S GE R N lNWI I Y SR ODN E T T AE C RE R E EA RH WP S TE NERW H ON AT O ENFI N S I T A W S DA CL E U ER NH DQ )

TEEG NRHO N C LHI GA I LUNBTW A E U S D R NTO C I OI FD OAL L F TO SGO DR EA NF EANE EI P O S T S R E S OTIS N H T I L E C T A UX C S ! R F S S YEO I SAAH L L D N I C NH EG EW EH UTD IVE NF THEI AOGDETV T N N BON XN I AONI AE K T T A T S C OMM T E !SA M W GC R S NNO E I I EH E H F G C S T R MNF I TH N A HMEOI O T W V COI U T NCG "E E I I S S EEA Y T SC H L T A W TA! I O N NN T Y OO S UNI T I I T TAH S R N A XT A R USOA P N F EDTO PTO MERI O O T O T T S T PC OI N HL SX PE E EEOSCA U NM BHNRS S OET ENI YC AP AI TCN H NSEANE MW EAVREM E R M ET I HTL R IDMU E E W E A G S S HS VNOR S YA 4A AACA L

R OEE E SLB D B L DE A A E NR R E T UE Y S AOS TS F E N MNS N EA SS MR KIA E C ST EN S SAS A E N A BS S O W ENI S S S T A AA HRS C A A GI CE U NH T EWI YS I OS K W A AT C(H ME C NT U FSYI E S A S O A S TSN S C THK! I A I E MCC H U S C I CN LSAI U GTBHS E T A D NH GR I I FV TNE R O R DOE N L A E E BADNC E U H R EMEXU T S MDO P AOE IL PTSE T SOEK OUI NODTHO T T T SWD H N T I G E I D EIT A UL E T R S T C OP E UR C XE H!A T S BEP H I SH XEOX !T EBT E

i.e.

i.e.,

Para 3.10 41

(iv) Whether undisclosed foreign asset acquired or made prior to the commencement of this Act is required to exist as on 1.7.2015 before it can be assessed under this Act? -

TEE T YT OXER T AH LS L A P T A I S RTF PC NI A O OT A O NH ER I PP T R C E PU T S D A S ES NDR A HR O E F T I O O H R H T F S NUCECI Y OCUTEL B T S A C I S L T AA O R A GRE T N T S HNEP E E E H I CG R T SLP PIN TAL O RHI A EN T W R E T BYEWE S N T N S L S I EA Y O" A A HC I FT N T N O E A T GFY PI UC ET N EOA L RR I!O P S I E OWN F E C NAHEFII V I Y RTLDN R T OFBE) PF L O S A A I O TL LDN L N A C S E NEEI S P S I I TD OMI D FD FO RPETNO E A CCU NS MN CI X O E!EAOP I AEM H T S TM T I I E S SB H F I M I OE H T O TO T PB RE EOC E R N D UMMN E N I L E O HA NA FA HU RO 4C VF C T

E YEENT RR L H )I I C ATC U T N 4EOECQ T L ! E $C RMS R OMI "SI A #1R OHN F!PCTO R & E O I EET D HA HDAN C T U MTNEO R I SRNUP T X O A OO ARR T E S T D R E T EAON D ERGTIS I TDN WINH U I SQT N O GNC S S C I OAA UAE X . T ONR EEROD I N S B T SE O O I S EV I NB E A T O Y N S N D L R E OP GN H T UUI * C EADHI QH R HT OTECH G FCDUW U D!NSE D E EST L OE NB I S RT N O A HAOHI I T DLTEN N C F I O R O SO P I S A G D A T OE T N N EO C DR E U W. E ! N R TMSE F A U I I E DD 1 H H CT I R!TN S N E EEFN A V&T OH E AMOC T R C S WA N I M RR L E D OU UA OM NC (C OH I -

NDR A EE GS I E R OYE R L SC OC Ul F S I OF DD I EN / V S E OUR G L N HPI C C S S ES I UH D E NSTS UTNS A I EHE! HTU E T SA LT H E XD VF AI T O S OVTE I O T R C N I PO T O XN A T E OH NT T OD I O T ET SC GS KE R E ES A EO HM S O TTCC C O !SET B I E SV LS I OL S H RAA T FPHH O ESC T HE U T S S S D A H NN NA C I OT G H I I T EE W C S R ES ON 3A F I (v) Whether undisclosed foreign asset, not existing as on the date of coming to the notice of the Assessing Officer, can be brought to tax under this Act?

inter alia,

SGFN EE R A SHC NOE TI YERTl S S I NBANF S I X E AEED / ES TSNVYE G O !IARS N E S NEEHI I L E S E Y DH S S ARSE I A T S S D MEA S F E TO S S EE! E TH S ESE B S T S CAS NE A I E H F T A A T O H NO D CF GNTHYT E I X E EYCNEOA R HBUASET C OT DSNSI F A E N T L O I O E DT B E HN EC H ES H T E S I UED RWS S OEO SHL L M N E C RTU ODE S S E OO I S CEP T H D TNPAT SW NE E WAEH E US E HH U NSO T ML EASOYWOA C O HHASB V Y T C WA T WU T DSI A T NSE MEAHH R C OHS E I I W STRS C T ) H E I A I A S F R T WA UH A S H N T WC NN I R AYI S UA A E R RH ENS T E O A BE T TYRME U YT O N R S AA BE OYE S D I I L MDRR U T Y E S O F EEEASE I I H C R EOU V P T E D lES EN QR HNF I! HD 4O/T PA

FWD OO E P ON MNHI O O )T I M T R DA S E UA NL T AA E SD E SVB E T FI E B R O S C L S S L DE !O A H DHRS P T NE T AM E ES E L S MEUA OH2N CT I G A R NO I E ) D F R NO NS) F GE I DED E D I E R I S OVS O &OTL R U C DPOS I E DD S E N O TU L A C CF S I O S O D L E NL E T E U 5US L 2S A Y AV EXDT NAE E O4S K FL R OA -O CM KNI S CO D R AT I I NA L IU " S F

Calcu (Para

Calcu

Clubb GSTIN [Chap

% / # . ) & / . / ) 4 ! 4 5 0 / # % 0 / # 3 % ' 2 ! ( #

N SE E H E V T V I I Y GB G S A A N I O E D I NS B ) S D E ER L T DP C U I O! S X T E HS U S I OE T H T DH EF ET SO S T G A A N N T CI N S OU GE I L E M T R Y E E S B OC F S N T D A E EM DC S E! O S S M L I OH C L O S T C C I S D F N I E O D H UT N U TN @ A F HO O T S NN NA O OO I E I I E T T T I S A C N S C E E I lS S D EN S NA $I I

‘an asset located outside India held by the assessee in his name….’ held c

Para 3.10

E V I T C E P S O R T E R H HS CR UA SH D NN I TA E E S L S B A A N HO CS UA SE R RN OU F E TT C I !U SQ I E H B T D FL O U NO OW I T R A E CN I L N P PA !M b

Defin ria of Chapt

d classification of MSMEs based on composite critement and turnover (Para 1 of NMN ) [Chapter 1 and f investment in plant and machinery or equipment pter 2]

3 # % 3 . / 3 % 5 3 3 ) 4 . ! # ) & ) . ' ) 3

NE H OT I T A D UN L A A VR E EC Hl T NF O/ G DN EI US L S A E VS ES B! E OH T DT F EO R I U E QC I ET E R O T SNA I D T T E E HA S T S H A OT HTN CSO UES SMA OG C N I T T I S EN I L X U EE 2HS RWI E T E E PT S SA S !DA

Para 3.10 nvestment and turnover of enterprises with distinct hese GSTINs are all linked to single PAN (Para 3) nd Chapter 3] f turnover (Para 5) [Chapter 3]

LE TNL RECE E H TASOAT HA I H S T T SN DFA A O O R T O TN HE E T E C E O S S DS S I OUI U T S L CSSAA A A USENHV O NL R T IE CCT AA E EVFHEUK S R EOWT R A F E R HE A TU O HT A M Q H E WE HE G UR T TR I I SDLA A OH HF EAAF V N E D E T I I TE SBBV RE H E DL LOOKT BE R A I NRD P A H R R OM N R C SRI E S A T E TH F E A E RN S R R I S T O PNS A E R I A A DFI UI T R FS ES ETHT I L NHU C)O SU U TQ A 2W SECEC C T T I FR FTO A A U O F P N ODO EE UU HNT O LT L O I S A ECA I O L T C VSWA CR U RATED U H S E E E L T T F BKK I R A S D R UNR VFN A E N A SB F A EOR R MASHRT N N E E E R ATH O F VHI E I R O G ETA T R T I I WNFS OH E S I T F AEU OH A E EA HQW (T BBD T -

RYEHXN NFE RH AI C GOL I A I T UTE ER E S B S O O C R S T FTY OIAE E T T F SOH CE O A EE DNH N M G N M E T OU E S T I T FO OT HO OC OT CA L R! C OYNTUBS I S S L N T I I A I EH HV D TC SA) BT NE N I LF HL UMIT H CA O NODCWI H ACE!NHS R S R TI I TE OWTN A H HHFTENIO T CSRTIHI N C R A TH T I I AED A C N H E E E RD Y N T WS E DWS UH I R NA ENE V XTH EOWA N ID SE TO4RN H A I T COSR EU TAI T I E Y A DHT R C T E H ED EWG lH H S I F R ETDUX/TO L NNOE DT U R G A N D ROR N BL NA I E EUS BSE UACBOSEM SGl HEDS O A S S ENFTSS E M T I / E VT ! S E R OS S GLS E A B I E A S BX N E AA HBG I AE I Y T S L H ETS FONN T S T I C HOEI O S T NS U S E IS S E S R S A MT! CTP E R E T E I F T OS A A E S F O YI RS EH S HY &A TNABD T

S DNEDGNN REN EIHENII EHO S ETSITD NTI S N S O OU N F E FE S S L OA NS O I LO E C I S V S A S T S MEO S NE S C I VEA S E D R M CE E ! E S ST I VA S NT HEP EE B UI O T H EBTHN R OT C N U NNNT OBS E S I AOE F E D O M O E D H XHE T D H TA E S T C E R AT A SI S R I H E HTOICI I U M U T E T S T OTQ WER I S S OQ STE E O A N C R R B E R F EAEO E BD L M S M F E V L R I I S H GOT EEA R O E R C CETAWUHH R W A O S F S L 4T E HTST OA S N T E R ( V S A I N S S O PCS E E E H TI R TEAHM DETLE C C B C UOIEKAUF U R R H LC !L 2 SCHR F L A I W A A E T T D D SH U M V F I I SAINS S H S A H H E R I NI I T T CR HS HST AC AA I T FI E A F R C H I N D O ETSTV! W A A NHE T YSI HO T B S )WM N EANTA I C EN I H HWO S T ! D R I E T T E TR I A ) I HRX NS D A T I EA OTR ENHE R A I U V I CYO EEYTI ND4 TO YCSO C HSRINE U l EDSF ONWUPDUM S E E U I T O D / T B O V I N N OA OG I V C NR ENI I T EN A C V R O REI NP C M) OOE I RART S S P SLR S E E E E I TPSEC Y CRSH V H E E H E E P l T S OS S C T E E S F S RS SA F FA S UO HS H! N/ 0A O T T I

SL R GDO A LN I A ER E H I S H T C Y OP FSN L Y O EE T C N R N S E I E NHMDARM M N T AS OT E I ES R T AOUO YE C L C F A EHRT TS E N S 3TAO R EA SET E E Y T SHMO A I T T 4 S H T N S S T R EF E RS O MOA C I !STESR C A S S EY P R E I MH P S G S ON S U S F OT E I A O RR D F YRIDE E V E N TD R T E E I C E A R C X ENV I T U F O EAPI F R N TEN E R P A I H O OF HI T ET T N IT B E F C WE E O E N S S M T DG A S LE S I EN E C S R S T S PSTE I C S S AGA !ACS NRYFD!A EAR S ONI O NHE AH ECVY T. EEEAE R D H N BT TMER S D E O SSO T I C A N D F RN HHEE UA E TCGTI R G I F R C N A NE !HAR G I I H D SWHO E C I T ET R H C ENO ER 4!BOF CO

vi Whether undisclosed foreign income relating to the previous year prior to commencement of this Act can be brought to tax under this Act?

% / # . ) & / . / ) 4 ! 4 5 0 / # % 0 / # 3 % ' 2 ! ( #

Para 3.10

N E G R I O E F R E O R FL E E HRDB 4AEA S EO Y C T I L L C C T P !N S P I SED A I MNE H U T S B FSHL E O L CA S SS UH NASS OORT I OC T S I R&! V OT OI RRCX PP!A DI S4 EE E HN HM T T R RO RA E E C E DN PE N) SM UE A H DOXT ECAF T N T I A OO I T N T S T I G N N H I O I E G I R EO UI S BF O V RO NDB R AEE P CS OBE L T C S O M NO I DNC NAN UCI F O E S A C E H T N )

GAKHET Y N C CL G T I I N A A A D L I (S N H" I C E ETEEEP L U D HB S F E TN S O L F I AO I OE R N H O WAS(LI B N T A TPO I N T R N S I A O UI S O I I BP ODV T #E OAEM HVRRDI GRPEYR P L E I H O (SEOG H F EI YBTV S HN AOTI AO BSAT A H C I OS MH T ES I O EPL V T R SA "E O A OS EN CR IRN L I T SPO OD B E I I S NRH T I N NT I I T T I OE N U Y T A E (P C A AV T E S EMIHNO O H GTC R T NDT E P EV Y CF ER B !O BE S DNEB YN O EI EO L TVONT I l A C ROA NEHE T I OSTH-I T F C I N KI T R O !U I CR T G E YFAO L PNE T I F " TDNRE U D I A O R OH N E-# WR TA

Anila Rasiklal Mehta v. Union of India [2020] 115 taxmann.com 321(Bom.) c

F O E S A C E H T N )

R E D N U S A A R A P N I D E V R E S B O T R U O # H G I ( T A R A J U ' E L B N O (

Principal CIT v. Income tax Settlement Commission [2019] 111 taxmann.com 176/[2020] 268 Taxman 234 (Guj.)

“While in case of undisclosed foreign income of an assessee the same would be subject to tax under the provisions of the Black Money Act only for every assessment year commencing on or after 1st April 2016, namely assessment year 2016-17 onwards, in so far as undisclosed foreign asset located outside India is concerned, the previous year in which such asset is acquired is not relevant. In other words an undisclosed foreign asset would be subject to tax under the Black Money Act notwithstanding the date of its acquisition, which may even be a previous year prior to the assessment year commencing on 1st April 2016; and shall be charged to tax under this provision on the value of such asset in the previous year in which such asset comes to the notice of the Assessing Officer.”

NEM E HI DOT I I H T S TY C T U E U S OB OS BN DI E EHAV T T N I A G N O Y CI I R N O T N O A L O T I TENT C V A E A A I L S F G N P S S A X I N A T L EEP A DE S OXN EB E S OSNEU L S A S C HAHI T S I R DHRE D O E E C NS E l T UO S E F @ S L S C / E SS S S E G NISAN lDAHI C ENEU S S DUR E F ESS TO HNS C !GWI! T N N SI E NE I N H O H AI T MF T ET T A FM O USO E T N IVO ES H N I T I N I DAFP O NNN O A A E OA EC E I T H IMRT C U D EN ON OS 3) T I

vii When can it be said that the source of investment in foreign asset is treated as ‘explained’? Whether undisclosed foreign asset can be explained from the untaxed income or capital receipts?

E M O C N I C I T S E M O D D E S O L C S I D D N A D I A P X A 4

E M O C N I N G I E R O F D E S O L C S I D N U D N A D E X A T N 5

E M O C N I N G I E R O F D E S O L C S I D D N A D I A 0 X A 4

E H T M O R F E B

N A C T E S S A Y N A N I T N E M T S E VS NE I C FR O U O ES CG R UN OI SW O EL L HO 4F

inter alia

3 # % 3 . / 3 % 5 3 3 ) 4 . ! # ) & ) . ' ) 3

D E V I E C E R E S I W R E H T O R O T F I G N A O L F O E R U T A N E H T NI A I SD T N P ) I F E CO ET R U LO A T I M P O AR #F

D E V I E C E R E S I W R E H T O R O T F I G N A O L F O E R U T A N E H T N I S T P I E A CI ED R N L) A T I M P O AR #F e

E M O C N I C I T S E M O D D E S O L C S I D N U R O D E X A T N 5 d

Para 3.10 45

E F RF D CBONOOHNE C G A R S UUO EI C E E UTC FL I CSO R T OSR R OS D C SEU F S U E E N I DEOR OA R MS D EBS UN S THOOE T T OO UC CD DA E S L I H N ! N F I T C N L T H S N O S I B S E I A I TH HI AECSAT D L U CT A M P BT NT SOSRX NMF UN E X E I D A FE AO O AF E O S T D T M E B D TT O E OS H ES NOT U SB L OTTAT OE L T N G DVAC NUSDIN I N S H EI B I SI TA O T R I G I D I S I I EE T NWDE U WC NI A QHE R E CTSUBLEBES N S F F T MR AO ER E O RL E O E N SOO N B CN CD ESSTF A N EEAU C N ATU O BC ONI O E R C L O C T N EUSE P I A AD T VOAS PSI I C I D ASCS D L A HENAA TNUN E R ) O ) OVINEE S T EWE T O S GBDA A D D I I DBH I A EYN IDS S A E U T N R A T T HU S ESOMET AU F EHN T O EM OE BTANR N D OIDSE NFEIE S E T C AOMTH A T T NNA CY NT A C TNTE IECDO ) E M M E E O A N S L S TLO TMG D N S S S T T I L A E E O E EEE E C H S S R VS VCO S NHS S I NA NFI NI II !WL D A -

LT FNYEL O I HAC L R T H! TDA E U X LYSA XI OA MBET DT IDM E E 3 OE HE HCM S SBT O N I C I O L I C L T ! B B N HI A E AL CR XT T UO BAS S A4EST E I SL ES IEC I E ! T M TBME S E I YOSOH S C S C S A NAN T A M) I F N NNNO G GEAI G S E I I I M N E E ODRR R O I OCNOO S F N)FFI N E I V I DO NH HT I ER T TCFNXP U E A N O T E ESS MN H T MEN UT S TMO E S ER IV OS E HE I P N VCV T I NOF NI S I MA E R O CP FI O XB O RA T EF Y E C TA ESH R E M CET O U M B R T U RO T O S O E H O EF T S SDPO A EGC D S EE A EEUE O S S XAS RH SB A A A I E CT T C D S NN ES S NU NA BA )I )

T TO THRNN O O NC IEN SUAGMI S N I 3 I I D T T N E T S S E E BE T ) S S P VS S AN I MI A A E NCODIE GERNFH O F ) I R T E F T S L E R O E A C A OI T CTR F H N U U P T NA A OOH I T C T T S DSL I N I F HB N EO M CA M EE I T TTRRUS U 3 F S OSR E E E VI SAOS D EEIN NT I R F U UVWA I R O NT BTT E A I E E AL HL A S CENE T S R M U EROPA OOHRRXD SCTOOEE N O N E S EI T SO I F CI R L D R L E A E C HEBUG S D X R I L WA YOOU D STASNO N E N E S UMMAWU A O F S O T CRT SLEO F P EOI S E BDE MOSR U YECOEAT AXERRNA A F R U GN MT I T T L E A FA P EO E R I NO TE R H I E TP CEFT HU AE HNN 4OC RT II

SARNSHEEH EED R C LOE ICCHC URNASE T N D UE U T W UU B S YS A OF AI OSF L FBL G NS HWSTN O DA EEN 3ANI L E G HHES HON H A T N I E T T I N N T A I L NHWAIMNANE I L R I S EEDOEP MR B I E T R EL X M RO C K N E R BBH EI OT NI RI C A LA LT CT L A STAPEEMDSC G H E I O H HEB N T EST T! RA SOY L D HF L N S I R ATA I T N TNEH I E UOISO D MT L W I M S F I S B NA TF ) N FNTETS C O A A O D O E ETOI A E N VE I O D T DN DRN T V I NUMSL A I E T S I U ) O LNO T T U S FC I A C U T A I O EG I E MD OES EEWREJ E T O AL HR DS LMESCB S C EE F MI X LEFROA T U U H A S E O T A S S OH T CS3NNGGE RS T E E E U O OAT S A L S EO L L HET S E N E I R TE C B S S NBH E Y!FU S D S E H O S O T A S N T S W EATBNTE R H H B A U A SF N ES TCS UU I TE DE D T AMD U N S ES NEDCEN SAE S S R H S E NS NT OAI SI A MN)XE L DTN TEEA C E D S C D S V E S T I E N R EIM E I S A H S E E U D M T G4 V OM H O HOR U L NC NX TI C T SA N S O US T ISERA NFHEI E D T V E TD O L C EIOCSA V N R S E E I ANN N E D E G S U F I R HA S RT NBS C OI E FO FO T L NO L OAL KT FEOEC ) I

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Law Relating to Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act 2015 AUTHOR PUBLISHER DATE OF PUBLICATION EDITION ISBN NO NO. OF PAGES BINDING TYPE

: : : : : : :

Raj K. Agarwal, Rakesh Gupta TAXMANN JUNE 2022 2022 9789356220560 300 PAPERBACK

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Description This book is a complete guide to all matters pertaining to the law and critical issues relating to Black Money (Undisclosed Foreign Income and Assets) and the Imposition of Tax Act 2015 (Black Money Act). The Present Publication is the Latest Edition, authored by Dr Raj K. Agarwal & Dr Rakesh Gupta, and amended by the Finance Act 2022. The book features discussion on the following topics: ·

[Why a Separate Law] has been enacted for Undisclosed Foreign Income and Assets

[Applicability & Scope] of Black Money Act

[Obligations of Ordinarily Resident] in cases of foreign income and assets

[Critical Analysis] of the following: o

Assessment & Re-assessment of undisclosed foreign income and assets

Penalties & Prosecution for oﬀences

[Detailed Analysis of Valuation Rules] under Black Money Act

[Analysis of Case Laws] relating to Black Money Act

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