No prosecution under sections 49/50 (Black Money Act) if 42/43 penalty not imposed for foreign assets up to Rs20 lakh

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Full Text of the Document

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....The tax authority amended a prior instruction so prosecution under the Black Money Act (sections 49/50) will not be initiated where penalty under sections 42/43 is not imposed or imposable for undisclosed foreign assets (other than immovable property) whose aggregate value did not exceed Rs.20 lakh at any time in the relevant previous year. The amendment aligns the instruction with the Finance (No.2) Act, 2024 change raising the threshold from the earlier lower amount, and took effect when the statutory amendment became operative.....