TMI BlogComputation of total undisclosed foreign income and asset.X X X X Extracts X X X X X X X X Extracts X X X X ..... pect of any expenditure or allowance or set off of any loss shall be allowed to the assessee, whether or not it is allowable in accordance with the provisions of the Income-tax Act; (ii) any income,- (a) which has been assessed to tax for any assessment year under the Income-tax Act prior to the assessment year to which this Act applies; or (b) which is assessable or has been assessed to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s year 2009-10 for fifty lakh rupees. Out of the investment of fifty lakh rupees, twenty lakh rupees was assessed to tax in the total income of the previous year 2009-10 and earlier years. Such undisclosed asset comes to the notice of the Assessing Officer in the year 2017-18. If the value of the asset in the year 2017-18 is one crore rupees, the amount chargeable to tax shall be A-B=C where, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ted outside India, if, the assessee furnishes evidence to the satisfaction of the Assessing Officer that the asset has been acquired from such income which has been assessed or is assessable, as the case may be to tax. It also gives an illustration to explain the methodology for proportionate deduction of the amount assessed to tax in the case of an immovable property. - statute, statutory p ..... X X X X Extracts X X X X X X X X Extracts X X X X
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