Section 65 - Undisclosed foreign asset declared not to affect finality of completed assessments.
Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 Chapter VI TAX COMPLIANCE FOR UNDISCLOSED FOREIGN INCOME AND ASSETS
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Undisclosed foreign assets declared and tax paid cannot be used to reopen prior assessments or claim set-offs. Section 65 provides that a declarant who declares an undisclosed asset located outside India and any tax paid on it may not reopen or seek reassessment of prior assessments or reassessments, nor claim any set-off or relief in any appeal, reference, or other proceeding in relation to those completed assessments or reassessments.
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.
Undisclosed foreign assets declared and tax paid cannot be used to reopen prior assessments or claim set-offs.
Section 65 provides that a declarant who declares an undisclosed asset located outside India and any tax paid on it may not reopen or seek reassessment of prior assessments or reassessments, nor claim any set-off or relief in any appeal, reference, or other proceeding in relation to those completed assessments or reassessments.
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