Section 5(1) in The Black Money (Undisclosed Foreign Income And Assets) And Imposition Of Tax Act, 2015
(1)In computing the total undisclosed foreign income and asset of any previous year of an assessee,—(i)no deduction in respect of any expenditure or allowance or set off of any loss shall be allowed to the assessee, whether or not it is allowable in accordance with the provisions of the Income-tax Act;(ii)any income,—(iii)(a)which has been assessed to tax for any assessment year under the Income-tax Act prior to the assessment year to which this Act applies; or(b)which is assessable or has been assessed to tax for any assessment year under this Act,shall be reduced from the value of the undisclosed asset located outside India, if, the assessee furnishes evidence to the satisfaction of the Assessing Officer that the asset has been acquired from the income which has been assessed or is assessable, as the case may be, to tax.
