Section 59 in The Black Money (Undisclosed Foreign Income And Assets) And Imposition Of Tax Act, 2015
59. Declaration of undisclosed foreign asset.—
Subject to the provisions of this Chapter, any person may make, on or after the date of commencement of this Act but on or before a date to be notified by the Central Government in the Official Gazette, a declaration in respect of any undisclosed asset locatedoutside India and acquired from income chargeable to tax under the Income-tax Act for any assessment year prior to the assessment year beginning on 1st day of April, 2016—(a)for which he has failed to furnish a return under section 139 of the Income-tax Act;(b)which he has failed to disclose in a return of income furnished by him under the Income-tax Act before the date of commencement of this Act;(c)which has escaped assessment by reason of the omission or failure on the part of such person to make a return under the Income-tax Act or to disclose fully and truly all material facts necessary for the assessment or otherwise.
