Black Money (Undisclosed Foreign income and Assets ) and imposition of tax Act, 2015

S. 2(11) : Undisclosed asset located outside India – Applicability of the Statute – Accounts not in existence at the Black Money Act, 2015 came into force – The new legislation operates for those accounts and assets too.[I.T. Act S. 139(1)]
The assessee closed their undisclosed foreign bank accounts in 2008 and 2011.The Black Money Act came into force in 2015. It was the contention of the assessee that the asset which did not exist at the time the new law came into force cannot be brought within the ambit of the new law. The Tribunal held that the important date is the date on which the undisclosed comes to the notice of the Department. Further held that no deduction shall be allowed with respect to the undisclosed bank account while computing the additions under the Black Money Act, 2015. (BMA Nos. 03 & 05/Mum/2021 dated November 02, 2021)

Coram : Hon’ble Shri Pramod Kumar (Vice President), and Hon’ble Shri Ravish Sood (Judicial Member)