Foreign assets disclosure scheme bars rectification or set-off for completed tax assessments and makes payments final. Clause 121 bars a declarant under the Scheme from claiming rectification or revision of any assessment completed under the Income-tax Act, 1961 or the Black Money Act, 2015, and from claiming set-off or relief in appeals or other proceedings in relation to such assessments; amounts paid in respect of declared income or assets are final and non-refundable.
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.
Foreign assets disclosure scheme bars rectification or set-off for completed tax assessments and makes payments final.
Clause 121 bars a declarant under the Scheme from claiming rectification or revision of any assessment completed under the Income-tax Act, 1961 or the Black Money Act, 2015, and from claiming set-off or relief in appeals or other proceedings in relation to such assessments; amounts paid in respect of declared income or assets are final and non-refundable.
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