Prosecution proceedings justified on failure to disclose foreign bank accounts under Black Money and Imposition of Tax Act, 2015

Shrivardhan Mohta Vs Union of India (Calcutta High Court)

Conclusion: Where assessee was given an opportunity to make the disclosure with regard to foreign bank accounts and the amount lying thereat however assessee failed to avail the  opportunity to make disclosure with regard thereto while submitting his return in the proceedings under search and seizure and also before Settlement Commission, the authorities was justified to initiate prosecution as per the provisions of Black Money (Undisclosed Foreign Income and Assets) and Imposit

Please become a Premium member. If you are already a Premium member, login here to access the full content.