https://www.taxtmi.com/highlights?id=102134 Foreign exhibition-sale income already assessed under the Income-tax Act through a final Settlement Commission order is excluded from undisclosed foreign income under the Black Money Act, 2015. Section 4(2) excludes foreign-source income variations made in assessment or reassessment under business-income provisions, while Sections 4(2) and 4(3) prevent the same income from being taxed again. Settlement proceedings culminating in a final order are described as a statutory mode of assessment; accordingly, foreign sales considered and taxed as business profits in those proceedings cannot be reassessed under the 2015 Act, as that would produce impermissible double taxation. en-us Tue, 28 Jul 2026 09:34:46 +0530 Tue, 28 Jul 2026 09:34:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=102134 Foreign exhibition-sale income already assessed under the Income-tax Act through a final Settlement Commission order is excluded from undisclosed foreign income under the Black Money Act, 2015. Section 4(2) excludes foreign-source income variations made in assessment or reassessment under business-income provisions, while Sections 4(2) and 4(3) prevent the same income from being taxed again. Settlement proceedings culminating in a final order are described as a statutory mode of assessment; accordingly, foreign sales considered and taxed as business profits in those proceedings cannot be reassessed under the 2015 Act, as that would produce impermissible double taxation. Highlights Income Tax Tue, 28 Jul 2026 09:34:46 +0530 https://www.taxtmi.com/highlights?id=102134