A search is conducted by the Income-tax department in India in the premises of Mr. Surya Prakash on 25.3.2025 and it has come to the notice of the…

A search is conducted by the Income-tax department in India in the premises of Mr. Surya Prakash on 25.3.2025 and it has come to the notice of the department that Mr. Surya Prakash has earned income to the tune of 5 lakhs in country X during the previous year 2020-21. Further, Income-tax department noticed the existence of undisclosed gold jewellery which was purchased on 21-4-2022. Neither this income, nor the asset in question, has any bearing to income chargeable under the provisions of the Income-tax Act, 1961. The jewellery had been purchased for 4.2 lakhs. Its value as per report of Valuer recognized by the Government is 5.2 lakhs as on 1.4.2024 and - 5.3 lakhs as on 25.3.2025. Which of the following statements is correct, with reference to the taxability of the impugned items in the hands of Mr. Surya Prakash in India under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (BM Act)? (i) Both undisclosed income and undisclosed asset would be taxable in the P.Y.2024-25 (ii) Undisclosed asset is taxable in the P.Y.2022-23 and undisclosed income in the P.Y.2020-21 (iii) Undisclosed asset is taxable in the P.Y.2024-25 and undisclosed income in the P.Y.2020-21 (iv) The value of undisclosed asset is 4.2 lakhs (v) The value of undisclosed asset is 5.2 lakhs (vi) The value of undisclosed asset is 5.3 lakhs The correct answer is –