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of <h1>Section 72: No Benefits for Undeclared Foreign Assets; Tax and Penalty Required for Declaration Validity Under Black Money Act.</h1> Section 72 of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 clarifies that no benefits, concessions, or immunities are granted except to those who make declarations under this Chapter. If a declaration is made under section 59 but the tax and penalty are unpaid within the specified time, the asset's value will be taxed in the year of declaration. Assets acquired before the Act's commencement, without a declaration, are deemed acquired in the year a notice is issued by the Assessing Officer, and the Act's provisions will apply.
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