https://www.taxtmi.com/caselaws?id=467517 Whether amounts declared under the Income Declaration Scheme but not paid within the prescribed time can be treated as unexplained income and taxed in the year of declaration: clause (b) of the Finance Act, 2016 makes such undeclared/unpaid amounts chargeable in the previous year of declaration; non-payment and cancellation of declaration furnish reason to reopen assessments under taxation law; where the assessee fails to substantiate nature and source despite opportunities, the amounts may be treated as unexplained money under the tax code and taxed under the special regime for unexplained income. The appeal is dismissed and the addition upheld. en-us Tue, 27 May 2025 00:00:00 +0530 Sat, 21 Mar 2026 22:41:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=467517 Whether amounts declared under the Income Declaration Scheme but not paid within the prescribed time can be treated as unexplained income and taxed in the year of declaration: clause (b) of the Finance Act, 2016 makes such undeclared/unpaid amounts chargeable in the previous year of declaration; non-payment and cancellation of declaration furnish reason to reopen assessments under taxation law; where the assessee fails to substantiate nature and source despite opportunities, the amounts may be treated as unexplained money under the tax code and taxed under the special regime for unexplained income. The appeal is dismissed and the addition upheld. Case-Laws Income Tax Tue, 27 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=467517