Black Money Act applies to overseas assets even if they didn’t exist at the time the Act came into force: ITAT

INCOME TAX/BLACK MONEY : Relevant point of time for taxation, under Black Money (Undisclosed Foreign Income amp; Assets) and Imposition of Tax Act 2015(BMA), of an undisclosed foreign asset is point of time when such an asset come to notice of Government, it is immaterial as to whether it existed at point of time of taxation, or, for that purpose, even at point of time when provisions of BMA came into existence. Thus, a bank account abroad or any unaccounted asset abroad,

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000317805/black-money-act-applies-to-overseas-assets-even-if-they-didn’t-exist-at-the-time-the-act-came-into-force-itat.aspx