Fair market value rule: undisclosed income represented by assets measured by FMV on 01.06.2016, cash included. Undisclosed income represented by investment in any asset shall be deemed to be the fair market value as on 01.06.2016 for the purposes of the Income Declaration Scheme, 2016; cash in hand is an asset. Treating original investment plus capital gains from a pre-01.06.2016 sale (with proceeds held in cash) as the amount to be declared is not in accordance with the Scheme and Board clarifications.
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.
Fair market value rule: undisclosed income represented by assets measured by FMV on 01.06.2016, cash included.
Undisclosed income represented by investment in any asset shall be deemed to be the fair market value as on 01.06.2016 for the purposes of the Income Declaration Scheme, 2016; cash in hand is an asset. Treating original investment plus capital gains from a pre-01.06.2016 sale (with proceeds held in cash) as the amount to be declared is not in accordance with the Scheme and Board clarifications.
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