Clause 194 - Removal of doubts - Finance Bill, 2016

Removal of doubts 194. For the removal of doubts, it is hereby declared that- (a) save as otherwise expressly provided in sub-section (1) of section 180, nothing contained in this Scheme shall be construed as conferring any benefit, concession or immunity on any person other than the person making the declaration under this Scheme; (b) where any declaration has been made under section 180 but no tax, surcharge and penalty referred to in section 181 and section 182 has been paid within the time specified under section 184, the undisclosed income shall be chargeable to tax under the Income-tax Act in the previous year in which such declaration is made; (c) where any income has accrued, arisen or received or any asset has been acquired out of such income prior to commencement of this Scheme, and no declaration in respect of such income is made under this Scheme,- (i) such income shall be deemed to have accrued, arisen or received, as the case may be; or (ii) the value of the asset acquired out of such income shall be deemed to have been acquired or made, in the year in which a notice under section 142, sub-section (2) of section 143 or section 148 or section 153A or section 153C of the Income-tax Act is issued by the Assessing Officer, and the provisions of the Income-tax Act shall apply accordingly.