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 undisclosed foreign bank account per se can indeed be treated as an asset under section 2(11) of the Black Money (Undisclosed Foreign Income & Asse...