TMI BlogAmendment of section 17.X X X X Extracts X X X X X X X X Extracts X X X X ..... Provided also that nothing contained in the first proviso shall apply in a case where any net wealth in relation to any asset (including financial interest in any entity) located outside India chargeable to tax, has escaped assessment for any assessment year: ; (b) in sub-section (1A), (i) in clause (a), after the word, brackets and letter ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... anation 1 thereof, and after Explanation 1 as so numbered, the following Explanation shall be inserted, namely: Explanation 2. For the removal of doubts, it is hereby clarified that the provisions of this section, as amended by the Finance Act, 2012, shall also be applicable for any assessment year beginning on or before the 1 st day of April, 2012. . - Clause 110 of the Bill see ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n after the expiry of four years from the end of the relevant assessment year, unless the wealth has escaped assessment due to the failure on the part of the assessee to file a return under section 14 or section 15 or in response to a notice issued under sub-section (4) of section 16 or this section or to disclose fully and truly all material facts necessary for his assessment. It is proposed t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessment year. It is also proposed to amend the Explanation to the aforesaid sub-section so as to insert a clause which provides that where a person is found to have any asset (including financial interest in any entity) located outside India, it shall also be deemed to be a case where net wealth chargeable to tax has escaped assessment. It is also proposed to insert a new Explanation 2 s ..... X X X X Extracts X X X X X X X X Extracts X X X X
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