SC set aside Delhi HC order restraining I-T dept from taking action Gautam Khaitan

Union of India and Ors. Vs Gautam Khaitan (Supreme Court) Scheme of the Black Money Act is to provide stringent measures for curbing the menace of black money. Various offences have been defined and stringent punishments have also been provided. However, the scheme of the Black Money Act also provided one time opportunity to make a declaration in respect of any undisclosed  asset located outside India and acquired from income chargeable to tax under the Income­tax Act. Section 59 of the Black Money Act provided that such a declaration was to be made on or after the date of commencement of th...