Foreign assets disclosure scheme bars rectification or set-off for completed tax assessments and makes payments final.

Clause 121 bars a declarant under the Scheme from claiming rectification or revision of any assessment completed under the Income-tax Act, 1961 or the Black Money Act, 2015, and from claiming set-off or relief in appeals or other proceedings in relation to such assessments; amounts paid in respect of declared income or assets are final and non-refundable.

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