The assessee admittedly duly recorded and disclosed the investment in foreign entity in its audited balance-sheet and also furnished such information under ‘non-current investments’ in Schedule Part A-BS in its return of income, and, hence, the claim of the assessee that the assessee has directly or indirectly complied with the statutory provisions is to be accepted and therefore, the case of the assessee does not fall under the rigorous provisions of section 43 of the Black Money Act.
Tax_Update_Non-Applicability-of-Black-Money-Act