On writ the\u00a0 court \u00a0held that proceedings under the Black Money Act are intended to be directed against persons who failed to disclose foreign assets or file returns under the Income-tax Act, 1961. In the present case, the assessees had admittedly filed their return of income on 21.05.2015, i.e., prior to the coming into force of the Black Money Act w.e.f. 01.07.2015. Further, the assessees had approached the Settlement Commission and the dispute for AYs 2005-06 to 2011-12 stood settled under Chapter XIX-A of the Act. The Court noted CBDT Circular No. 12 of 2015 dated 02.07.2015 granting a one-time compliance opportunity and reiterated that the enactment of the Black Money Act did not bar settlement proceedings. Once the dispute was settled, continuance of proceedings under notices issued u\/s 10(1) of the Black Money Act could not be countenanced and was liable to be quashed. (AY. 2005-06 to 2011-12)(SJ )<\/p>\n","protected":false},"excerpt":{"rendered":"
Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 <\/p>\n
S. 10(1) : Undisclosed Foreign Assets \u2013 Assets acquired prior to commencement of the Act \u2013 Settlement Commission \u2013 Proceedings cannot continue once dispute is settled under Chapter XIX-A of the Act . [ Income -tax Act 1961 , S. 148 , 245C, 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_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":"","jetpack_post_was_ever_published":false},"categories":[21],"tags":[],"class_list":["post-58491","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-fdp","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/58491","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=58491"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/58491\/revisions"}],"predecessor-version":[{"id":58492,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/58491\/revisions\/58492"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=58491"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=58491"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=58491"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}