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“undisclosed foreign income and assets”

MiscellaneousBlack Money ActBlack Money Act70 judgments

The decision most relied on for undisclosed foreign income and assets is 5 (Del); 6. Tata Teleservices vs. UOI- (2016) 385 ITR 497 (Guj); 7. Brahm Dutt v. ACIT (138 Taxmann.com 428), cited in 42 judgments on BharatTax.

Leading authorities on undisclosed foreign income and assets

5 (Del); 6. Tata Teleservices vs. UOI- (2016) 385 ITR 497 (Guj); 7. Brahm Dutt v. ACIT
138 Taxmann.com 428 · 2022 · Reported
42
citing judgments

Reopening assessments beyond four years is permissible when specific information regarding foreign bank accounts is received, provided due process and prior approval are obtained.

Judgments citing undisclosed foreign income and assets

DCIT, Central Circal-6, New Delhi vs. Dipankar Pal, Kolkata

In the result, the appeal of the Revenue is dismissed

ITA 1014/DEL/2020[2015-16]Status: DisposedITAT Delhi13 Jun 2024AY 2015-16

Bench: Shri G.S. Pannu, Vice- & Shri Anubhav Sharmaassessment Year: 2015-16 Dcit, Central Circle-06, Vs. Shri Dipankar Pal, New Delhi-1100 92 Cj-231, Sector 11, Salt Lake City, Kolkata

Section 143(1)Section 68

relying on Circular No.13 of 2015 dated 06.07.2015 which pertains to the one time compliance window under the Black Money (Undisclosed Foreign Income and Assets) and imposition of Tax Act, 2015 (in short Black Money Act) especially when the part of the circular relied upon by learned Commissioner (Appeals) clarified ... income which was not chargeable to tax in India, is not required to be declared under section 59 of Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (Black Money Act). Thus, the stocks and shares of foreign companies or Indian companies held by the assessee

Natasha Kohli, New Delhi vs. ACIT Central Circle-8, New Delhi

In the result, appeal of the assessee stands partly allowed for statistical purposes

ITA 1792/DEL/2020[2014-15]Status: DisposedITAT Delhi29 Feb 2024AY 2014-15

Bench: Shri Narendra Kumar Billaiya & Shri Kul Bharatr Assessment Year: 2014-15

Section 143(2)Section 143(3)Section 17(2)(iv)Section 69

also pertinent to note that the information regarding undisclosed foreign assets came to the notice of the AO under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 in the month of October, 2017 and subsequently proceedings were initiated under the said ... order u/s 10(3) of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 was passed on 25.03.2022 for AY 2018-19 wherein it was held that "the various foreign assets forming the basis of issue of the notice u/s 10(1) dated

DCIT, Central Circle-05, Delhi vs. Ashok Kumar Singh, Delhi

The appeal is allowed

ITA 427/DEL/2022[2014-15]Status: DisposedITAT Delhi19 Apr 2023AY 2014-15

Bench: Sh. N. K. Billaiya & Sh. C.N. Prasad

Section 10Section 10(3)Section 131Section 132Section 271Section 68

recorded u/s.131 of the Act which is extracted at para-2.6.1 of the assessment order. 9. Invoking the provisions of Black money (undisclosed foreign income and assets) and imposition of tax Act, 2015 the AO made the following observations :- “2.10 Proceeding under the Black Money (Undisclosed Foreign Income and Assets

DCIT, Central Circle-05, Delhi vs. Ashok Kumar Singh, Delhi

The appeal is allowed

ITA 426/DEL/2022[2013-14]Status: DisposedITAT Delhi19 Apr 2023AY 2013-14

Bench: Sh. N. K. Billaiya & Sh. C.N. Prasad

Section 10Section 10(3)Section 131Section 132Section 271Section 68

recorded u/s.131 of the Act which is extracted at para-2.6.1 of the assessment order. 9. Invoking the provisions of Black money (undisclosed foreign income and assets) and imposition of tax Act, 2015 the AO made the following observations :- “2.10 Proceeding under the Black Money (Undisclosed Foreign Income and Assets

The Dy CIT (It)-Circle-3(3)(2), Mumbai vs. Manish Vijay Mehta, Mumbai

In the result, appeals of the learned Assessing Officer and CO of the assessee for both the years are dismissed

ITA 494/MUM/2021[2006-07]Status: DisposedITAT Mumbai31 Oct 2022AY 2006-07

Bench: Shri Prashant Maharishi, Am & Shri Sandeep Singh Karhail, Jm

For Appellant: Shri Ajay Singh, ARFor Respondent: Shri Soumendu Kumar Dash, DR
Section 148

Urvi Manish Mehta. Government acknowledged that only residents' holding foreign bank accounts may be actionable. -Even the provisions of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 is applicable only to residents. As per section 2(2) of the said Act, assessee means ... India within the meaning of clause (6) of section 6 of the Income-tax Act, by whom tax in respect of undisclosed foreign income and assets, or any other sum of money, is payable under this Act and includes every person who is deemed to be an assessee in default

The Dy CIT (It)-Circle-3(3)(2), Mumbai vs. Manish Vijay Mehta, Mumbai

In the result, appeals of the learned Assessing Officer and CO of the assessee for both the years are dismissed

ITA 493/MUM/2021[2007-08]Status: DisposedITAT Mumbai31 Oct 2022AY 2007-08

Bench: Shri Prashant Maharishi, Am & Shri Sandeep Singh Karhail, Jm

For Appellant: Shri Ajay Singh, ARFor Respondent: Shri Soumendu Kumar Dash, DR
Section 148

Urvi Manish Mehta. Government acknowledged that only residents' holding foreign bank accounts may be actionable. -Even the provisions of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 is applicable only to residents. As per section 2(2) of the said Act, assessee means ... India within the meaning of clause (6) of section 6 of the Income-tax Act, by whom tax in respect of undisclosed foreign income and assets, or any other sum of money, is payable under this Act and includes every person who is deemed to be an assessee in default

The Dy CIT (It)-Circle-3(3)(2), Mumbai vs. Urvi Manish Mehra, Mumbai

In the result, appeals of the learned Assessing Officer and CO of the assessee for both the years are dismissed

ITA 492/MUM/2021[2007-08]Status: DisposedITAT Mumbai31 Oct 2022AY 2007-08

Bench: Shri Prashant Maharishi, Am & Shri Sandeep Singh Karhail, Jm

For Appellant: Shri Ajay Singh, ARFor Respondent: Shri Soumendu Kumar Dash, DR
Section 148

Urvi Manish Mehta. Government acknowledged that only residents' holding foreign bank accounts may be actionable. -Even the provisions of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 is applicable only to residents. As per section 2(2) of the said Act, assessee means ... India within the meaning of clause (6) of section 6 of the Income-tax Act, by whom tax in respect of undisclosed foreign income and assets, or any other sum of money, is payable under this Act and includes every person who is deemed to be an assessee in default

The Dy CIT (It)-Circle-3(3)(2), Mumbai vs. Urvi Manish Mehta, Mumbai

In the result, appeals of the learned Assessing Officer and CO of the assessee for both the years are dismissed

ITA 491/MUM/2021[2006-07]Status: DisposedITAT Mumbai31 Oct 2022AY 2006-07

Bench: Shri Prashant Maharishi, Am & Shri Sandeep Singh Karhail, Jm

For Appellant: Shri Ajay Singh, ARFor Respondent: Shri Soumendu Kumar Dash, DR
Section 148

Urvi Manish Mehta. Government acknowledged that only residents' holding foreign bank accounts may be actionable. -Even the provisions of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 is applicable only to residents. As per section 2(2) of the said Act, assessee means ... India within the meaning of clause (6) of section 6 of the Income-tax Act, by whom tax in respect of undisclosed foreign income and assets, or any other sum of money, is payable under this Act and includes every person who is deemed to be an assessee in default

Rockdale Realtors Pvt Ltd., Mumbai vs. DCIT Circle-2 (1)(1), Mumbai

In the result, appeals by the respective assessees are dismissed

ITA 6740/MUM/2019[2014-15]Status: DisposedITAT Mumbai04 Mar 2022AY 2014-15

Bench: Shri Vikas Awasthyआअसं. 6739/मुं/2019 ("न.व 2014-15) Royal Accord Realtors Pvt. Ltd. 26, Onlooker Building, Sir P.M.Road, Fort, Mumbai 400 001 Pan: Aadcr-1352-G ...... अपीलाथ" /Appellant बनाम Vs. Dcit, Circle -2(1)(1) Aaykar Bhavan, M.K.Road, Mumbai 400 020 ..... ""तवाद"/Respondent आअसं. 6740/मुं/2019 ("न.व 2014-15) Rockdale Realtors Pvt.Ltd. 9, Datrutwa, Mmg Marg, Dadar East, Mumbai 400 014. Pan: Aadcr-1353-H ...... अपीलाथ" /Appellant बनाम Vs. Dcit, Circle -2(1)(1) Aaykar Bhavan, M.K.Road, Mumbai 400 020 ..... ""तवाद"/Respondent अपीलाथ" "वारा/ Appellant By : Shri Subodh Ratnaparkhi ""तवाद" "वारा/Respondent By : Shri T.Shankar सुनवाई क" "त"थ/ Date Of Hearing : 10/12/2021 घोषणा क" "त"थ/ Date Of Pronouncement : 04/03/2022 आदेश/ Order

For Appellant: Shri Subodh RatnaparkhiFor Respondent: Shri T.Shankar
Section 115VSection 288ASection 56(2)(viib)Section 79

multiple of hundred. To further strengthen his submissions the ld.Authorized Representative of the assessee referred to section 79 of the Black Money (undisclosed foreign income and assets) and Imposition of Tax Act, 2015 wherein again there is provision of rounding off to the nearest multiple of hundred. The ld.Authorized Representative

Royal Accord Realtors Pvt Ltd., Mumbai vs. DCIT Circle-2(1)(1), Mumbai

In the result, appeals by the respective assessees are dismissed

ITA 6739/MUM/2019[2014-15]Status: DisposedITAT Mumbai04 Mar 2022AY 2014-15

Bench: Shri Vikas Awasthyआअसं. 6739/मुं/2019 ("न.व 2014-15) Royal Accord Realtors Pvt. Ltd. 26, Onlooker Building, Sir P.M.Road, Fort, Mumbai 400 001 Pan: Aadcr-1352-G ...... अपीलाथ" /Appellant बनाम Vs. Dcit, Circle -2(1)(1) Aaykar Bhavan, M.K.Road, Mumbai 400 020 ..... ""तवाद"/Respondent आअसं. 6740/मुं/2019 ("न.व 2014-15) Rockdale Realtors Pvt.Ltd. 9, Datrutwa, Mmg Marg, Dadar East, Mumbai 400 014. Pan: Aadcr-1353-H ...... अपीलाथ" /Appellant बनाम Vs. Dcit, Circle -2(1)(1) Aaykar Bhavan, M.K.Road, Mumbai 400 020 ..... ""तवाद"/Respondent अपीलाथ" "वारा/ Appellant By : Shri Subodh Ratnaparkhi ""तवाद" "वारा/Respondent By : Shri T.Shankar सुनवाई क" "त"थ/ Date Of Hearing : 10/12/2021 घोषणा क" "त"थ/ Date Of Pronouncement : 04/03/2022 आदेश/ Order

For Appellant: Shri Subodh RatnaparkhiFor Respondent: Shri T.Shankar
Section 115VSection 288ASection 56(2)(viib)Section 79

multiple of hundred. To further strengthen his submissions the ld.Authorized Representative of the assessee referred to section 79 of the Black Money (undisclosed foreign income and assets) and Imposition of Tax Act, 2015 wherein again there is provision of rounding off to the nearest multiple of hundred. The ld.Authorized Representative