Addition Made as Undisclosed Foreign Income and Asset under Black Money Act not Repeated Under Income Tax Act: ITAT [Read Order]

The ITAT allowed assessee's appeal and directed the assessee to submit requisite declaration pertaining to undeclared foreign assets.
By Yogitha S. Yogesh - On October 15, 2024 2:52 pm - 2 mins read
Foreign Income - Income and Asset - Black Money - Black Money Act - Taxscan

In a recent case, the Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) held that any addition made as undisclosed foreign income and assets under the Black Money Act (BMA), shall not be repeated under the Income Tax Act, 1961. Based on the information received from the Singapore Tax Authorities, Captain Vilas…

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