https://www.taxtmi.com/caselaws?id=795825 Foreign sale proceeds already assessed as business income in a final settlement order under the Income-tax Act, 1961 cannot be reassessed as undisclosed foreign income under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. The article explains that Section 4(2) excludes foreign-source income assessed under the Income-tax Act in accordance with the business-income computation provisions, while Section 4(3) prevents income included under the 2015 Act from also forming part of total income under the Income-tax Act. As the settlement order remained conclusive and unmodified, reassessment of the same income would amount to impermissible double taxation. en-us Fri, 24 Jul 2026 00:00:00 +0530 Tue, 28 Jul 2026 08:30:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=795825 Foreign sale proceeds already assessed as business income in a final settlement order under the Income-tax Act, 1961 cannot be reassessed as undisclosed foreign income under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. The article explains that Section 4(2) excludes foreign-source income assessed under the Income-tax Act in accordance with the business-income computation provisions, while Section 4(3) prevents income included under the 2015 Act from also forming part of total income under the Income-tax Act. As the settlement order remained conclusive and unmodified, reassessment of the same income would amount to impermissible double taxation. Case-Laws Income Tax Fri, 24 Jul 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=795825