In its return of income, the assessee did not disclose its 4 bank accounts maintained in a foreign bank which were inherited by him from his mother. The details of such accounts were found in the course of search and seizure. Assessee’s subsequent application to settlement commission was rejected on account of failure to make true and honest disclosure. The assessment was finally completed u/s. 153A considering the 4 bank accounts maintained outside India. In the proceedings under the Black Money Act, the assessee argued that he was prevented from making disclosure under the Black Money Act (S. 71) as the proceedings were pending u/s. 153A of the Act. It was further argued that the Black Money Act came into force on 1^st April, 2016 and could not be given a retrospective effect. Held that the Authorities had invoked sections 50 and 55 of the Black Money Act and not section 71 to prosecute the petitioner. Further, the Petitioner had the opportunity to make disclosure under the Search as well as the Settlement proceedings, but it chose not to do so. The failure to disclose under section 153A of the IT Act, 1961 was punishable under the Black Money Act. Further, the failure to disclose on the part of the Petitioner was subsequent to the coming into force of the Black Money Act. It could therefore not be said that a retrospective effect was sought to be given to the Black Money Act. The assessee was liable for violation of the provisions of Black Money Act. Writ petition to quash the prosecution proceedings was dismissed. (A.Y. 2009-10 to 2015-16)