Undisclosed foreign assets under section 2(11) of the Black...

Undisclosed foreign assets under section 2(11) of the Black Money Act require examination of the source of investment; a foreign account or its non-disclosure alone does not establish an undisclosed asset. Employment savings and reinvestment records must be considered with surrounding circumstances, including source entries in client review documents. Affidavits concerning beneficial entitlement must be considered alongside corroborating settlement and bank records; the absence of a formal trust deed is not conclusive in a longstanding arrangement supported by independent evidence. Section 72(c)'s deemed acquisition rule does not independently establish an unexplained source or dispense with the charging conditions. Investigative summons issued before the officer assumes jurisdiction as Assessing Officer do not necessarily establish an earlier assessment year. Foreign bank account valuation must follow the prescribed rules rather than rely on a historical balance without demonstrating compliance.