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

S. 50: Offences and Prosecution-Failure to furnish foreign assets and financial interest in foreign entity-Wilful evasion of tax Act of 2015 was not in existence at relevant point of time-Non-disclosure in tax returns for year 2007-08 or 2009-10 cannot be used to prosecute under law coming into effect thereafter-Criminal Proceedings quashed-A legal fiction or a deeming fiction should not be extended beyond the purpose of the Act for which it is created or beyond the language deployed in the enactment. [S. 52, 72(c), Art. 20, 226]

S. 271B : Penalty-Failure to get accounts audited-Failure to submit audit report in time-Reasonable cause-Levy of penalty is not valid. [S.44AB, 273B]

S. 271(1)(c) : Penalty-Concealment-Furnishing inaccurate particulars of income-Sundry credits-Burden of proof on assessee-Order of Tribunal affirming the levy of penalty is affirmed.[S. 68, 260A]

S. 271(1)(c) : Penalty-Concealment-Furnishing inaccurate particulars of income-Sundry credits-Burden of proof on assessee-Order of Tribunal affirming the levy of penalty is affirmed by High Court-SLP is dismissed [S. 68, Art. 136]

S. 264 : Commissioner-Revision of other orders-Subsidy-Erroneously treated as revenue-Return was processed under section 143(1)-Revision application was rejected without condoning the delay-Power should be exercised in a liberal manner-Delay should be condoned where there is sufficient cause for it.[S. 264(3), Art. 226]

S. 263 : Commissioner-Revision of orders prejudicial to revenue- More than one source of income-Addition made in respect of one source-Failure to consider genuineness of transactions in respect of other sources of income-Order of Assessing Officer erroneous and prejudicial to revenue.

S. 260A: Appeal-High Court-Assessment-Income from undisclosed sources-Deletion of addition is justified-No substantial question of law. [S. 69, 143(3)]

S. 254(2): Appellate Tribunal-Rectification of mistake apparent from the record-Failure to apply CBDT Circular-Error which could be rectified [S. 119]

S. 254(1): Appellate Tribunal-Duties-Additional ground-Agricultural land-Capital asset-Tribunal deciding nature of one piece of land and not deciding with respect to other-Order of Tribunal is set aside and matter remanded.[S. 2(14), 260A]

S. 249 : Appeal-Commissioner (Appeals)-Form of appeal and limitation-Direction to pay part of demand in instalments within time frame as stipulated by Court-Department is given liberty to recover tax on failure to satisfy conditions of payment.[S.69, 115BBE, 143(1), 144, 144B, 147, 249(4)(b), 250, Art. 226]