Charge of tax on undisclosed foreign income and assets imposes a specified tax and prescribed fair market valuation when discovered. A statutory charge of tax applies to an assessee's total undisclosed foreign income and undisclosed foreign assets for assessment years from the Act's commencement; undisclosed assets located outside India are charged to tax on their value in the previous year when they come to the notice of the Assessing Officer. 'Value of an undisclosed asset' means the fair market value, including financial interests in any entity, determined in the manner prescribed.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Charge of tax on undisclosed foreign income and assets imposes a specified tax and prescribed fair market valuation when discovered.
A statutory charge of tax applies to an assessee's total undisclosed foreign income and undisclosed foreign assets for assessment years from the Act's commencement; undisclosed assets located outside India are charged to tax on their value in the previous year when they come to the notice of the Assessing Officer. "Value of an undisclosed asset" means the fair market value, including financial interests in any entity, determined in the manner prescribed.
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