Limitation for undisclosed offshore wealth extended, permitting reassessment when foreign assets are found to have escaped assessment. Section 17 is amended to treat discovery of net wealth in relation to assets (including financial interests) located outside India as cases where net wealth has escaped assessment, thereby excluding the operation of the first proviso to section 17(1) in such cases; sub-section (1A) gains a new clause extending the temporal window for reopening assessments where offshore net wealth has escaped assessment; an Explanation deems finding any offshore asset to be escape of net wealth; and an additional Explanation clarifies retrospective application to earlier assessment years, with the amendments effective from the stated commencement date.
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Provisions expressly mentioned in the judgment/order text.
Limitation for undisclosed offshore wealth extended, permitting reassessment when foreign assets are found to have escaped assessment.
Section 17 is amended to treat discovery of net wealth in relation to assets (including financial interests) located outside India as cases where net wealth has escaped assessment, thereby excluding the operation of the first proviso to section 17(1) in such cases; sub-section (1A) gains a new clause extending the temporal window for reopening assessments where offshore net wealth has escaped assessment; an Explanation deems finding any offshore asset to be escape of net wealth; and an additional Explanation clarifies retrospective application to earlier assessment years, with the amendments effective from the stated commencement date.
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