https://www.taxtmi.com/acts?id=16028 Section 17 is amended to treat discovery of net wealth in relation to assets (including financial interests) located outside India as cases where net wealth has escaped assessment, thereby excluding the operation of the first proviso to section 17(1) in such cases; sub-section (1A) gains a new clause extending the temporal window for reopening assessments where offshore net wealth has escaped assessment; an Explanation deems finding any offshore asset to be escape of net wealth; and an additional Explanation clarifies retrospective application to earlier assessment years, with the amendments effective from the stated commencement date. en-us Fri, 16 Mar 2012 17:47:55 +0530 Fri, 16 Mar 2012 17:47:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=16028 Section 17 is amended to treat discovery of net wealth in relation to assets (including financial interests) located outside India as cases where net wealth has escaped assessment, thereby excluding the operation of the first proviso to section 17(1) in such cases; sub-section (1A) gains a new clause extending the temporal window for reopening assessments where offshore net wealth has escaped assessment; an Explanation deems finding any offshore asset to be escape of net wealth; and an additional Explanation clarifies retrospective application to earlier assessment years, with the amendments effective from the stated commencement date. Act-Rules Bills Fri, 16 Mar 2012 17:47:55 +0530 https://www.taxtmi.com/acts?id=16028