Section 41
Penalty in relation to undisclosed foreign income and asset. Repealed
The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015
About this Act
An Act to make provisions to deal with the problem of the Black money that is undisclosed foreign income and assets, the procedure for dealing with such income and assets and to provide for imposition of tax on any undisclosed foreign income and asset held outside India and for matters connected therewith or incidental thereto.
The Assessing Officer may
direct that in a case where tax has been computed under section 10 in respect of undisclosed foreign
income and asset, the assessee shall pay by way of penalty, in addition to tax, if any, payable by him, a
sum equal to three times the tax computed under that section.