Undisclosed foreign bank account is an asset in terms of section 2(11) of Black Money Act

Rashesh Manhar Bhansali Vs ACIT (ITAT Mumbai)

Facts- Assessee argued that the alleged undisclosed foreign bank account was operated during the assessment year 2008-09 to 2010-11. The same was well before the Black Money Act came into force.

Conclusion- With regard to applicability of Black Money Act for the assessment year 2008-09 to 2010-11 it was held that the question appears to be infructuous and wholly academic.

We, therefore, hold that an undi

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