Foreign portfolio investment liberalisation extends listed equity access to all individual persons resident outside India, subject to limit monitoring...
Unsubstantiated exempt agricultural income claim sustains concealment penalty after disclosure only on departmental detection and no bona fide evidenc...
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Section 2(11) of the Black Money Act treats a foreign asset as undisclosed where no explanation of its acquisition source is provided or the explanation is unsatisfactory. The text explains that foreign investments and bank assets sourced from gifts received during Belgian residency were supported by documents, banking records, donor statements and subsequent verification. As no material linked the assets to Indian taxable income, undisclosed business activity, accommodation arrangements or transfers of untaxed Indian funds, suspicion could not replace evidence. The foreign-asset addition was deleted, and the consequential penalty was also deleted because its underlying addition did not survive.
Section 2(11) of the Black Money Act treats a foreign asset as undisclosed where no explanation of its acquisition source is provided or the explanation is unsatisfactory. The text explains that foreign investments and bank assets sourced from gifts received during Belgian residency were supported by documents, banking records, donor statements and subsequent verification. As no material linked the assets to Indian taxable income, undisclosed business activity, accommodation arrangements or transfers of untaxed Indian funds, suspicion could not replace evidence. The foreign-asset addition was deleted, and the consequential penalty was also deleted because its underlying addition did not survive.
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