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Black Money Act Triggers When AO Notices the Transaction — Not When Undertaken: ITAT Deletes Foreign Asset Addition

Direct Tax

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By Mariya Paliwala
Black Money Act Triggers When AO Notices the Transaction — Not When Undertaken: ITAT Deletes Foreign Asset Addition

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In a landmark interpretation of the Black Money (Undisclosed Foreign Income and Assets) Act, 2015, the Income Tax Appellate Tribunal (ITAT) Pune Bench has ruled that the Black Money Act is triggered only in the year in which the Assessing Officer (AO) first notices the foreign asset, and not in the year when the transaction…

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Mariya Paliwala
Mariya Paliwalahttps://www.jurishour.in/
Mariya is the Senior Editor at Juris Hour. She has 7+ years of experience on covering tax litigation stories from the Supreme Court, High Courts and various tribunals including CESTAT, ITAT, NCLAT, NCLT, etc. Mariya graduated from MLSU Law College, Udaipur (Raj.) with B.A.LL.B. and also holds an LL.M. She started her career as a freelance tax reporter in the leading online legal news companies.

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