A show-cause notice was issued under sections 50 and 51 of Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 on petitioner based on assessment made against him by Deputy Director of Income-tax . Petitioner challenged said notice on ground that since his civil appeal against said assessment was pending before Commissioner (Appeals), it would be premature at this stage to take any criminal action – He further filed a petition challenging vires of certain sections of Black Money (Undisclosed Foreign Income & Assets) and Imposition of tax Act, 2015 on ground that since said act came into force in year 2015 whereas alleged transactions were of assessment year, 2006 and 2010-11, criminal provision of sections 50 and 51 could not have a retrospective effect High Court ordered stay of criminal proceedings pursuant to impugned show-cause notice until respondent had made their submissions sought by assessee in reply to show-cause notice . Notice is \u00a0issued to Advocate General regarding \u00a0and stay granted earlier to be extended till next date of hearing . (AY.2019-20)<\/p>\n","protected":false},"excerpt":{"rendered":"
\nBlack Money (Undisclosed Foreign Income & Assets) and Imposition of Tax Act, 2015 .<\/p>\n
S.50: Punishment for failure to furnish return of income \u2013Information about an asset \u2013 located outside India \u2013 Punishment for wilful attempt to evade tax – Foreign asset \u2013 Prosecution \u2013 Pendency of appeal before CIT(A) – Criminal provision of sections 50 and 51 could not have a retrospective effect – Stay of criminal proceedings- Notice was issued to Advocate General regarding petition filed by petitioner and stay granted earlier to be extended till next date of hearing . [ S. 51 , Income -tax Act , 1961 , S.276C , Art . 226 ] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-38052","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-9TK","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/38052","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=38052"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/38052\/revisions"}],"predecessor-version":[{"id":38053,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/38052\/revisions\/38053"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=38052"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=38052"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=38052"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}