Saturday, June 5, 2021

Writ admitted to decide whether notice under Black Money Act is required to be issued within 30 days from end of FY

INCOME TAX/BLACK MONEY: Where assessee challenged show-cause notice issued under Section 10(1) of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 and the consequent assessment order on ground that Assessing Officer was required to issue a show cause notice to assessee, within thirty days from the end of financial year, in which he became aware of foreign assets/foreign income, notice was to be issued and matter was to be listed on 07/09/2021

from www.taxmann.com Latest Case Laws https://ift.tt/2TJpRlr

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AO can’t disallow cost of improvement merely relying on enquiries made with assessee’s neighbour: ITAT

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