black money

Benami Transactions Act [including Amendment, 2016] – Complete Overview

Income Tax - Complete overview of Benami Transactions Act....

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Benami Transaction (Prohibition) Act, 1988

Income Tax - A benami property is a property bought by the original owner using a proxy. This helps him park his unaccounted money safely while avoiding paying taxes to the government at the same time. Benami transactions are quite prevalent in land purchases, where unaccounted money is used to make the purchase....

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Interplay of Corporate Veil With Benami Law

Income Tax - Benami transaction is a transaction or arrangement whereby the identity of real owner (beneficial owner) of property is concealed by showing someone else (benamidar) as owner on record. The beneficial owner provides or pays consideration for purchase of property....

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Midnight knock of Demonetisation

Income Tax - It was just a week after the announcement of Notebandi [ its aftershocks still lingering in Indian Economy] I met Herambha Shastri . All of us may have good, bad or worst experience of Notebandi depending upon your stock of 500 and 1000 notes [out of 86% of total volume in the economy] on or after the fateful night 12.00 am of 8th Nove...

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Legality of Tax Havens and Black Money

Income Tax - Abstract As we all are well aware of the term ‘Tax’ which is defined as a revenue that is levied on the people by the Government based on their income and the commodities they purchase or sell. Evasion of Tax has always been considered to be an illegal action and people with greed often engage […]...

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ICAI withdraws Guide on disclosure of Specified Bank Notes

Income Tax - The Ministry of Corporate Affairs vide notification dated March 30, 2017 notified Companies (Audit and Auditors) Amendment Rules, 2017 and Amendment to Schedule III to the Companies Act, 2013. Vide this amendment, the following new clause was inserted in Rule 11 of Companies (Audit and Auditors) Rules, 2014...

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FM defends Demonitisation & explains its Impact

Income Tax - Demonitisation compelled holders of cash to deposit the same in the banks. The enormity of cash deposited and identified with the owner resulted in suspected 17.42 lakh account holders from whom the response has been received online through non-invasive method. ...

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A year on from the Paradise Papers, the lack of progress is worrying

Income Tax - A year on from the Paradise Papers, the world has not made sufficient progress to tackle the secrecy that facilitates the hiding of wealth in tax havens. With 10% of global GDP estimated to be hidden in tax havens, and inequality rising both in developed and developing countries, the lack of progress is worrying, according […]...

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Action on those Converting Black Money into White during Demonetization

Income Tax - Appropriate action by the Income-tax Department (ITD) and other Law Enforcement Agencies has been taken against those involved in the misuse of the Scheme of Demonetization. Such actions by the Income-tax Department included among others, conducting search and survey actions in relevant cases. During the period November 2016 to March, 201...

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Govt attaches Benami Properties valued over Rs. 4,300 crores

Income Tax - As on 30/06/2018, provisional attachments have been made in more than 1600 Benami Transactions involving Benami Properties valued at over Rs. 4,300 crores....

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Delhi HC Judgment on adjustment of Advance Tax under PMGK Scheme, 2016 and other issues

Virag Tiwari Vs. Principal Commissioner Of Income Tax-21 & Others (Delhi High Court) - Virag Tiwari Vs. Principal CIT & Others (Delhi High Court) In the present case we perceive that an equitable resolution is possible on interpretation of the provisions without undermining the object and purpose behind the Amendment Act. Thus while we have rejected the argument that advance tax o...

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RTI Seeking date of deposit of Rs. 15L In Citizens’ Accounts is not ‘Information’

Sh. Mohan Kumar Sharma Vs Central Public Information Officer (Central Information Commission) - It is held that information sought regarding date of deposit of Rs. 15 Lakhs in the account of each citizen as promised by PM Narendra Modi and how print media houses came to know before the announcement of PM Narendra Modi about the demonetisation, etc. of the RTI application does not fall under th...

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SC rejects Bail plea of Rohit Tandon for alleged Possession & Conversion of Demonetized Notes

Rohit Tandon Vs. The Enforcement Directorate (Supreme Court of India) - While upholding the proceedings against Advocate Rohit Tandon, a three judge bench of the Supreme Court confirmed the Delhi High Courts’ order denying bail for possession and conversion of Demonetized Currency....

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RTI hints Fraud in note exchange at Delhi Post Office Branches: CIC Orders Inquiry

Ramswaroop Vs PIO (Central Information Commission) - The appellant sought to know: a) how many persons exchanged old notes for new notes at Pinto Park branch and also in 3 Wing Branch of Post Office in Air Force area, during the period 08.11.2016 to 25.11.2016 after demonetization; b) total amount of new currency issued for the period 08.11.2016 to 01...

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Allowing more time to deposit Old Notes would lead to illegal trading of these SBNs

Victory Logitrans Pvt Ltd & Anr Vs Union of India & Ors (Supreme Court of India) - In a new affidavit filed before Supreme Court on 17th July 2017 Central Government  made it clear that it cannot give more time to deposit old currency notes, as  in case a fresh opportunity is offered for exchange of SBNs, it would lead to rampant illegal trading of these SBNs (that is, the SBNs ...

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Adjudicating Authorities & Appellate Tribunal under Benami Property Law- Reg.

Order No. S.O. 5602(E) - (31/10/2018) - section 26 of the Benami Act provides that the Adjudicating Authority shall not pass order after the expiry of one year from the end of the month in which the reference has been received by it from the Initiating Officer and whereas, on the date on which the Adjudicating Authority under the Benami ...

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Prohibition of Benami Property Transactions (Removal of Difficulties) Order, 2018

Order No. S.O.5194 - (09/10/2018) - Whereas, sub-section (1) of section 48 of the Prohibition of Benami Property Transactions Act,1988 provides that a person preferring an appeal to the Appellate Tribunal under said Act may either appear in person ...

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CBDT notifies CIT(A) for respective CCA regions under Black Money Law

F.No. 279/Misc./M-44/2018-ITJ - (01/10/2018) - Notification in respect of assigning jurisdiction to Commissioner (Appeals) under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (BM Act)- reg....

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Restriction on disclosure of information received under PMGKY Scheme

Notification No. 59/2018-Income Tax [S.O. 5157(E)] - (01/10/2018) - No public servant shall produce before any person or authority, any such document or record or any information or computerised data or part thereof as comes into his possession during the discharge of official duties regarding the PMGKY Scheme, other than those specified in section 199-O of Taxation...

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The Fugitive Economic Offenders Act, 2018

NO. 17 OF 2018 - (31/07/2018) - Govt notifies Fugitive Economic Offenders Act, 2018. It shall be deemed to have come into force on the 21st day of April, 2018. The provisions of this Act shall apply to any individual who is, or becomes, a fugitive economic offender on or after the date of coming into force of this Act....

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Recent Posts in "black money"

Benami Transactions Act [including Amendment, 2016] – Complete Overview

Complete overview of Benami Transactions Act....

Read More
Posted Under: Company Law |

Benami Transaction (Prohibition) Act, 1988

A benami property is a property bought by the original owner using a proxy. This helps him park his unaccounted money safely while avoiding paying taxes to the government at the same time. Benami transactions are quite prevalent in land purchases, where unaccounted money is used to make the purchase....

Read More
Posted Under: Company Law |

Interplay of Corporate Veil With Benami Law

Benami transaction is a transaction or arrangement whereby the identity of real owner (beneficial owner) of property is concealed by showing someone else (benamidar) as owner on record. The beneficial owner provides or pays consideration for purchase of property....

Read More
Posted Under: Company Law |

ICAI withdraws Guide on disclosure of Specified Bank Notes

The Ministry of Corporate Affairs vide notification dated March 30, 2017 notified Companies (Audit and Auditors) Amendment Rules, 2017 and Amendment to Schedule III to the Companies Act, 2013. Vide this amendment, the following new clause was inserted in Rule 11 of Companies (Audit and Auditors) Rules, 2014...

Read More
Posted Under: Company Law |

Midnight knock of Demonetisation

It was just a week after the announcement of Notebandi [ its aftershocks still lingering in Indian Economy] I met Herambha Shastri . All of us may have good, bad or worst experience of Notebandi depending upon your stock of 500 and 1000 notes [out of 86% of total volume in the economy] on or after the fateful night 12.00 am of 8th Nove...

Read More
Posted Under: Company Law |

FM defends Demonitisation & explains its Impact

Demonitisation compelled holders of cash to deposit the same in the banks. The enormity of cash deposited and identified with the owner resulted in suspected 17.42 lakh account holders from whom the response has been received online through non-invasive method. ...

Read More
Posted Under: Company Law |

A year on from the Paradise Papers, the lack of progress is worrying

A year on from Paradise Papers, lack of progress is worrying

A year on from the Paradise Papers, the world has not made sufficient progress to tackle the secrecy that facilitates the hiding of wealth in tax havens. With 10% of global GDP estimated to be hidden in tax havens, and inequality rising both in developed and developing countries, the lack of progress is worrying, according […]...

Read More
Posted Under: Company Law |

Adjudicating Authorities & Appellate Tribunal under Benami Property Law- Reg.

Order No. S.O. 5602(E) (31/10/2018)

section 26 of the Benami Act provides that the Adjudicating Authority shall not pass order after the expiry of one year from the end of the month in which the reference has been received by it from the Initiating Officer and whereas, on the date on which the Adjudicating Authority under the Benami Act shall discharge the functions under ...

Read More

Prohibition of Benami Property Transactions (Removal of Difficulties) Order, 2018

Order No. S.O.5194 (09/10/2018)

Whereas, sub-section (1) of section 48 of the Prohibition of Benami Property Transactions Act,1988 provides that a person preferring an appeal to the Appellate Tribunal under said Act may either appear in person ...

Read More

CBDT notifies CIT(A) for respective CCA regions under Black Money Law

F.No. 279/Misc./M-44/2018-ITJ (01/10/2018)

Notification in respect of assigning jurisdiction to Commissioner (Appeals) under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (BM Act)- reg....

Read More

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