black money - Page 3

Assessment of Cash Deposits in OCM Cases

A large number of assessments pertaining to cash deposited in banks during demonetization period are pending. The article analysis relevant sections of I.T. Act as well as various legal issues to assist assessing officers in passing error free sustainable assessment orders....

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Posted Under: Income Tax |

Quo Vadis-Retrospective or Prospective

The invoking by Assessing Officers of the recently promulgated Black Money Act has its first brushes with the Courts of Law with the Hon’ble Delhi High Court and later on The Apex Court rendering almost diametrically opposite judgements. The author attempts a critical analysis of the issue and the various facets of the judgements....

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Posted Under: Income Tax |

No proposal to stop circulation of Rs 2,000 notes

An analysis of the search cases, conducted by Income Tax Department (ITD), involving cash seizures of more than Rs 5 crores in the last three Financial Years reveals that there is a declining trend visible in the seizure of unaccounted cash in denomination of Rs 2,000 notes....

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Posted Under: Income Tax |

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)

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 [&hellip...

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Black money of Rs. 4 crore seized since declaration of Maharashtra Elections

Four crore rupees worth of black money seized since declaration of Maharashtra Assembly Elections: DGIT (Investigation). DG of Income Tax (Investigation) briefs the media on steps taken by the Income Tax Department to curb use of black money and cash in elections...

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Posted Under: Income Tax |

Keep Away From Benami Transactions

‘Benaml’ means ‘no name’ or ‘without name’. Benami properties are those that ore held by an owner through proxies. The property is purchased in the name of or held In the name of a person who has neither paid for it nor actually enjoys it it may even be held in the name of a […]...

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Posted Under: Income Tax |

Share secret info about overseas black money with ED, CBI only with permission: CBDT to I-T Officials

F.No. 500/163/2017/FT&TR-III (18/09/2019)

India's sovereign obligation to keep the information obtained through the EOI process of tax treaties with the other jurisdictions confidential. Any disclosure of the information received under tax treaties with unauthorized persons, either intentionally or by accident, is a serious matter. The field authorities are, therefore, required t...

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Insight Into Benami Transactions (Prohibition) Amendment Act, 2016

A. Background: Corruption has been a social evil which has been bothering the world at large in various degrees. India has also not been spread by the sigma of corruption. After Independence the euphoria that had been generated in the fight against the British, gradually decreased and the ability to wield power at all costs […]...

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Posted Under: Income Tax |

Check list for Cash deposited during demonetisation

F.No.225/145/2019-ITA-II (09/08/2019)

Board has earlier issued above referred SOPs/Instruction/Internal Guidance Note regarding handling of cases related to demonetisation. In continuation of the same, a Verification Checklist-cash deposits is enclosed herewith for providing assistance to AOs for verification of cash deposits and framing of assessment in demonetisation relate...

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Banning of Unregulated Deposit Schemes Act, 2019

NO. 21 OF 2019 (31/07/2019)

THE BANNING OF UNREGULATED DEPOSIT SCHEMES ACT, 2019- NO. 21 OF 2019- An Act to provide for a comprehensive mechanism to ban the unregulated deposit schemes, other than deposits taken in the ordinary course of business, and to protect the interest of depositors and for matters connected therewith or incidental thereto....

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May 2020