Black Money- Restriction on Simultaneous Proceeding Under IT & BML Act

Yashovardhan Birla Vs CIT (ITAT Mumbai) The Income Tax Appellate Tribunal (ITAT), Mumbai bench, in its order has examined the definition of ‘undisclosed asset’ in the Black Money (Undisclosed Foreign Income and Assets) and Impositions of Tax Act (BML Act) and held that the assets which constitute part of income tax proceedings and have been assessed in such proceedings, then such assets/income shall excluded under the definition of ‘undisclosed income’. The learned Tribunal also held that the doctrine of double prejudice will rescue such assessee who have been subjected to simultaneous...