TMI BlogIn a case where the undisclosed income is represented in the form of investment in asset and such asset is partly from income that has been assessed to tax earlier, then what shall be the method of computation of undisclosed income represented by such undisclosed income?X X X X Extracts X X X X X X X X Extracts X X X X ..... As per sub-rule (2) of rule 3 of the Income Declaration Scheme Rules, 2016 , where investment in any asset is partly from an income which has been assessed to tax, the undisclosed income represented in form of such asset will be the fair market value of the asset determined in accordance with sub-rule (1) of rule 3 as reduced by an amount which bears to the value of the asset as on the 1.6.20 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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