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Siddhartha Kundoo   07 February 2020

Black money

My client is a resident of India, and he inherited 2 foreign bank accounts from his deceased father. The father had not disclosed the foreign assets i.e., the details of the foreign bank accounts to the tax authorities. Whether my client can be made liable for prosecution under Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 or Income Tax Act, 1961 or both the statues?



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