BLACK MONEY (UNDISCLOSED FOREIGN INCOME AND ASSETS) AND IMPOSITION OF TAX ACT, 2015

Article 226 Section 3

Charge of tax - Maintainability of writ petition - Whether High Court empowered to exercise role of Appellate Authority under Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 -

Assessee, an NRI, was employed abroad as a bank professional. After having attained retirement, he returned to India and filed his income tax return. In meanwhile, Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (Black Money Act) was introduced. Assessee was under the bona fide belief that disclosure under Schedule Financial Assets was to be made only from the assessment year 2017-18, subsequently was advised even for the assessment year 2016-17 to disclose details of foreign assets owned to be included in Schedule FA. Accordingly; he filed a revised return but since period prescribed for filing revised return had expired, return was filed physically. Notice under section 43 of the Black Money Act, was issued and penalty was imposed on assessee. Held: Order reflected the adherence to the provisions of the circular of 2015 or in terms of the provisions of the Black Money Act, therefore, Court under Article 226 of Constitution of India, could not exercise the role of an appellate authority defined under the Black Money Act to deal with the controversy if brought into motion. Assessee was well within right to assail said order, as limitation in instant case expired during the lock down but as per the government directive and judgment of the Full Bench of Court limitation prescribed already stood extended.

REFERRED :

FAVOUR : Against the assessee.

A.Y. :

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