Assessees had offshore bank account which was credited with certain amount .Assessing Officer made additions to income of assessees under Black Money Act .Commissioner (Appeals) deleted additions .Tribunal restored additions made by Assessing Officer on ground that submissions made by assessees were not substantiated on basis of any documents . The assessee filed miscellaneous application and contended that they had furnished detailed written submissions along with relevant bank/portfolio statements prior to conclusion of hearing however, Tribunal had completely overlooked written submissions so given by them . Allowing the petition the Tribunal held that non-consideration of detailed written submissions furnished by assessees along with relevant evidences would result in a mistake apparent from record in orders passed by Tribunal . Order passed by Tribunal is recalled for fresh consideration . (AY. 2017 -18 )
Rashesh Manhar Bhansali. v. ACIT (2025) 212 ITD 210 (Mum) (Trib.) Editorial : Rashesh Manhar Bhansali v . Add.CIT ( 2022)193 ITD 141 ( Mum)( Trib) , recalled .
Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (BMA) .
S.18:Appeal to Appellate Tribunal – Rectification of mistake apparent from the record – Failure to consider written submission- Mistake apparent from record – Order is recalled – Tribunal in the original order Rashesh Manhar Bhansali v . Add.CIT ( 2022)193 ITD 141 ( Mum)( Trib) has up held the provisions of the Black Money (Undisclosed Foreign Income & Assets) and Imposition of Tax Act, 2015 can indeed be pressed into service in respect of an undisclosed foreign asset or income even if it was already in the knowledge of any Governmental authorities, other than the jurisdictional Assessing Officer, as at the point when the said legislation came into force. Accounts not in existence at the Black Money Act, 2015 came into force – The new legislation operates for those accounts and assets too.[ S. 2(11), 5(1)(i),18(7),40(1 ), 40(2) , ITAct , 132(4),254(2) R. 3(1)( e)]
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