Proper Disclosure & Legitimate Source Bar Black Money Assessment of Foreign Investments

Srinjoy Bose Vs ADIT (ITAT Kolkata) The Income Tax Appellate Tribunal (ITAT), Kolkata Bench, delivered its order in the case of Srinjoy Bose vs Assistant Director of Income Tax (ADIT) concerning Assessment Year 2020–21. The appeal arose from the order passed under Section 17 of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (“Black Money Act”) by the Commissioner of Income Tax (Appeals)-20, Kolkata, which upheld the assessment made under Section 10(3) of the Act. The assessee, a non-resident Indian (NRI), had worked in Dubai during financial years...