The Income Declaration Scheme, 2016 - Undisclosed Income Invested in Acquisition of such Capital Asset

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..... o, All The Principal Chief Commissioners of Income-tax Sub.: The Income Declaration Scheme, 2016 reg. Instances have been brought to the notice of the Board that some taxpayers are of the view that if a capital asset acquired out of undisclosed income is sold before 01.06.2016 and the sale proceeds so received are held in cash, then the amount of undisclosed income required to be d .....

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..... t as on 01.06.2016 shall be deemed to be the undisclosed income for the purposes of the Scheme. In this context, it may be noted that cash in hand is an asset for the purposes of the Scheme. 4. This instruction may be brought to the notice of all the officers concerned and other stakeholders. 5. Hindi version of the instruction will follow. (Dr. T.S. Mapwal) Under Secretary (TPL-IV) .....

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