2019 (4) TMI 981 - SCH - Income Tax

Black money assessment - undisclosed income under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 - scope of satisfaction - omission to furnish the details in the returns under Section 139(1) - prosecution compliant for offences - petitioners prays for interim stay of the judgment of the High Court 2018 (11) TMI 955 - MADRAS HIGH COURT on the ground that the said judgment may be acted upon in other similar cases HELD THAT - While, we decline the prayer for stay, as the same would amount to grant of final relief, we make it clear that as the impugned judgment is under scrutiny of this Court, until appropriate orders are passed, the same shall not be taken as a precedent.

Summary

The Supreme Court condoned delay, issued notice, and declined interim stay of a High Court judgment, clarifying it should not be taken as a precedent until further orders are passed.