Undisclosed Asset Located Outside India - Indian Laws - General

As per Section 2(11) of Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, Undisclosed Asset Located Outside India means- an asset (including financial interest in any entity) located outside India, held by the assessee in his name or in respect of which he is a beneficial owner, and he has no explanation about the source of investment in such asset or the explanation given by him is in the opinion of the Assessing Officer unsatisfactory;