Pending assessment proceedings must consider declarations under the foreign assets disclosure scheme before finalising the assessment order. Where a declaration of income or asset is made under the Scheme and assessment proceedings under the Income-tax Act, 1961 or the Black Money Act are pending in respect of the same income or assets, the Assessing Officer must take the declaration into account while finalising the assessment order. The provision governs the treatment of such declarations in ongoing assessment proceedings and integrates the disclosed material into the pending adjudicatory process.
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.
Pending assessment proceedings must consider declarations under the foreign assets disclosure scheme before finalising the assessment order.
Where a declaration of income or asset is made under the Scheme and assessment proceedings under the Income-tax Act, 1961 or the Black Money Act are pending in respect of the same income or assets, the Assessing Officer must take the declaration into account while finalising the assessment order. The provision governs the treatment of such declarations in ongoing assessment proceedings and integrates the disclosed material into the pending adjudicatory process.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
AI OCR ✕
of 
TaxTMI 
TaxTMI 
