Scope of Black Money (Undisclosed Foreign Income & Assets) And ...

Court Rejects Plea to Apply Income Tax Act's 'Beneficial Owner' Definition to Black Money Act 2015 Due to Contextual Differences.

November 13, 2021

Case Laws Income Tax AT

Scope of Black Money (Undisclosed Foreign Income & Assets) And Imposition of Tax Act 2015 - If we are to hold that definition of ‘beneficial owner’ as assigned by Explanation 4 to Section 139(1) is to equally apply, we will end up in a situation in which the BMA itself will become unworkable. Therefore, for both of these reasons- i.e. (a) the contextual requirements being otherwise, and (b) the adoption of this meaning rendering the provisions of BMA becoming unworkable, the definition under Explanation 4 to Section 139(1) cannot be adopted in the context of the BMA. We reject this plea of the learned counsel as well. - AT

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Scope of Black Money (Undisclosed Foreign Income & Assets) And ...

Court Rejects Plea to Apply Income Tax Act's 'Beneficial Owner' Definition to Black Money Act 2015 Due to Contextual Differences.

November 13, 2021

Case Laws Income Tax AT

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