Jitendra Virwani v. JCIT (2022) 220 DTR 445 (Karn)(HC)

Black Money [Undisclosed Foreign Income and Assets] and Imposition of Tax Act, 2015
S.10: Assessment – AO must issue notice within thirty days from the end of the financial year in which he became aware of the foreign assets. If issued beyond 30 days, it must be with prior approval by the Pr. DIT or Pr. CIT [ S. 11(1) ]

The High Court held that, though no statutory time limit for issuance of notice u/s. 10(1) is specified under the BM Act, wherever the conditions of para 6(a) to 6(c) in respect of issuance of notice u/s. 10(1) are satisfied, AO is required to issue the notice preferably within 30 days from the end of the previous year in which such information was received by him/came to his notice. However, if the notice is not issued within the period of 30 days, the reason thereof is to be recorded in writing by AO concerned, to be duly approved by Pr. DIT/ Pr. CIT concerned. As per section 11(1) of the BM Act, the assessment under the BM Act is to be passed within 2 years from the end of the financial year in which notice under section 10(1) was issued by the AO.

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