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of <h1>Penalty for Undisclosed Foreign Income: Section 41 Imposes Triple Tax Penalty on Assessees Under Section 10.</h1> The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, under Section 41, mandates that if tax is calculated on undisclosed foreign income and assets as per Section 10, the Assessing Officer can impose a penalty. This penalty is set at three times the amount of tax calculated under that section, in addition to any other tax payable by the assessee.
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