ITAT Quashes Black Money Assessment as TOLA Extensions Not Cover Black Money Act

Smt. Bindu Todi Vs DDIT (Inv) (ITAT Delhi) The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) allowed the appeal filed by the assessee against the order passed under Section 10(3) of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, for Assessment Year 2018-19, holding that the assessment proceedings were barred by limitation. The assessee, an individual and proprietor of M/s Jade Knits, was stated to have been a director of Woodstock Universal Ltd., a company incorporated in the British Virgin Islands on 10.04.2007 and struck off on 01.11.2014. ...