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.

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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

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