Additions made as undisclosed foreign income and asset under BMA should not be repeated under Income Tax Act

Captain Vilas Waman Katre Vs ACIT (ITAT Mumbai) Conclusion: Any addition made as undisclosed foreign income and asset under the Black Money Act (BMA), should not be repeated under the Income Tax Act. However, since there was no corresponding provision under the Income tax Act, ITAT clarified that additions made under the Income tax Act had no bearing under the BMA. Held: Assessee was a resident engaged in the business of shipping and logistics. Based on the information received from the Singapore Tax Authorities, he had beneficial interest in an off­shore entity, namely, M/s. ERSL, which had...