Section 3(1) of Black Money Act provides for taxation of ...

Undisclosed foreign assets taxed when detected. Pre-Act assets deemed acquired on notice. Declare foreign assets. Anticipatory bail with conditions.

Case Laws Income Tax

July 11, 2024

Section 3(1) of Black Money Act provides for taxation of undisclosed foreign assets in the year they came to notice of Assessing Officer. Assets acquired before Act's commencement but not disclosed under Chapter 6 are deemed acquired in year of Section 10 notice. Accused bound to declare foreign assets u/s 59. Court granted anticipatory bail on Rs. 5 lakh bond with conditions of cooperating with IT Dept, not inducing witnesses, not leaving India without permission, surrendering passport, and not committing similar offence.

View Source

← Previous Next →

Section 3(1) of Black Money Act provides for taxation of ...

Undisclosed foreign assets taxed when detected. Pre-Act assets deemed acquired on notice. Declare foreign assets. Anticipatory bail with conditions.

Case Laws Income Tax

July 11, 2024

You may also like:

The summary highlights the key difference between the scope of total income under the Income Tax Act and the Black Money (Undisclosed Foreign Income and Assets) and...

Proposed amendment enables recovery of existing liabilities under Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 from seized assets...

CBDT launches e-portal for filing complaints regarding tax evasion/Benami Properties/Foreign Undisclosed Assets - News

When the Income-tax Officer stated that full expenditure had been allowed in the year of acquisi tion of the assets, what he really meant was that the amount spent on...

The High Court's judgment addressed the interpretation of Section 43A regarding losses arising from exchange rate fluctuations on foreign currency loans utilized for...

Penalty levied u/s. 271(1)(c) - Suo-moto declaration of undisclosed assets located outside India under section 59 of the Black Money (Undisclosed Foreign Income and...

Taxability of subsidy received under TUF scheme - revenue or capital receipts or reduction in value of fixed assets - to reduce from the cost of asset, the subsidy...

Disproportionate assets were acquired by the accused person by commission of offence under the Prevention of Corruption Act, and there are no infirmity in the order of...

Black money - Liability of the appellant to be assessed under the provisions of BMIT Act 2015 - Definition of undisclosed asset in the back money act clearly provides...

Black money - Undisclosed Foreign Assets - Beneficial Owner of the specified Undisclosed Assets - The Impugned Notice is very detailed and there are multiple references...

The ITAT considered the issue of undisclosed foreign income and assets allegedly layered through paper companies. The Black Money Act definitions were reviewed. Evidence...

If the object of the legislature is to tax the gains arising on transfer of a capital asset acquired under a gift or will or inheritance by including the period for...

Capital gains taxation streamlined with short-term gains on certain financial assets attracting 20% tax and long-term gains on all assets attracting 12.5% tax. Exemption...

Addition towards undisclosed foreign assets under the provisions of Black Money (UFIA) And Imposition of Tax Act, 2015 for the alleged investment in life insurance...

The petitioner challenged the summoning order and sought quashing of the complaint u/ss 50 and 51 of the Black Money Act, 2015, alleging undisclosed foreign assets. The...

Quick Updates: