Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015

S.3: Charge of tax – It is not correct to say that while exercising powers under Sections 85 and 86 of the Black Money Act, the Central Government has made the said Act retrospectively applicable from 01.07.2015. The penal provisions u/s 50 and 51 of the Black Money Act would come into play only when an assessee has failed to take benefit of S. 59 and neither disclosed assets covered by the Black Money Act nor paid the tax and penalty thereon [ S.2(9) ( d) , 50, 51 , 59 , 72, 85 ,86 ]

S. 264 :Commissioner – Revision of other orders -Non grant of refund – Not an appellable order – Subject to revision- Alternative remedy is available- Writ is not maintainable [ S. 197 ,246A, Art .226 ]

S. 254(2A): Appellate Tribunal –Stay- Recovery of tax – Substantial payment of tax in dispute was paid – Stay was granted. [ S.220(6) , 245 ]

S. 254(2A): Appellate Tribunal –Stay- In cases where there is stay of recovery of demand of tax, the Tribunal should deal with the appeals pending before it on a higher priority. The Tribunal should consider forming a separate list of such cases which should be heard on priority after arranging the cases on the basis of their seniority as well as the quantum involved in the stay. [ S.254(1)

S. 245C : Settlement Commission – Settlement of cases – Conditions – Pendency of the assessment – An assessment would be pending till such time as the assessment order is served upon the assessee-Rejection of petition is held to be not valid . [ S. 245A (b) , 245(C) (1) , 245D(1) ]

S. 154 : Rectification of mistake – Reassessment – After conclusion of reassessment proceedings addition cannot be made by taking aid of explanation 3 to S. 147 . [ S.147 , 148 ]

S. 143(3): Assessment – Method of accounting -Undisclosed income – Admission by a letter without-prejudice offer cannot be treated as admission of non-disclosure or as an unconditional offer to pay tax. Also, the disclosure is by the USA Co and not by the assessee- It is not the case of the Dept that the amount has been received in the accounts of the assessee or spent for and on behalf of the assessee so as to be treated as undisclosed income of the assessee. [ S.69, 145 ]

S. 143(2):Assessment – Notice – Mere mentioning of new address in the return of income is not enough-.If change of address is not specifically intimated to the AO, he is justified in sending the notice at the address mentioned in PAN database- If the notice is sent within the period prescribed in s. 143(2), actual service of the notice upon the assessee is immaterial- CIT (A) is directed to decide the appeal on merits . [ S.250, 282 , 292BB ]

S. 69 :Unexplained investments – Review -Tax effect less than Rs .1 crore-Bogus purchases- Assessemnt – Addition cannot be made without providing a copy of the statements and opportunity of cross examination- Initial burden is discharged by the assessee by producing various documentation including purchase bills, transportation bills, confirmed copy of accounts and the fact of payment through cheques, & VAT Registration of the sellers & their income -tax return. [ S.68, 143(3), 161, 268A ]

S. 68: Cash credits -Bogus share capital- Authorities have not done even the bare minimum for verifying the genuineness of the transaction- Casual approach cannot be subscribed on our part- Matter is set aside for indepth verification . [ S.133(6)]