Case Law Details
Rashesh Manhar Bhansali Vs ACIT (ITAT Mumbai)
Facts- Assessee argued that the alleged undisclosed foreign bank account was operated during the assessment year 2008-09 to 2010-11. The same was well before the Black Money Act came into force.
Conclusion- With regard to applicability of Black Money Act for the assessment year 2008-09 to 2010-11 it was held that the question appears to be infructuous and wholly academic.
We, therefore, hold that an undisclosed foreign bank account per se can indeed be treated as an asset under section 2(11) of the Black Money (Undisclosed Foreign Income & Assets) and Imposition of Tax Act 2015.
We uphold the action of the AO in bringing to tax, in the hands of the assessee, the income reflected, to the extent information was available to him, in respect of undisclosed accounts with UBS AG, Singapore, under the Black Money (Undisclosed Income and Assets) & Imposition of Tax Act, 2015. The order of the Assessing Officer is thus restored and the relief granted by the learned CIT(A) is vacated.
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