Home Case Index All Cases Income Tax Income Tax + SC Income Tax - 2019 (10) TMI SC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (10) TMI 529 - SC - Income TaxRestraint on appellants from taking and/or continuing any action against the writ petitioner - Section 55 of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 - whether the High Court was right in observing that while exercise of the powers under the provisions of Sections 85 and 86 of the Black Money Act, the Central Government has made the said Act retrospectively applicable from 01.07.2015 and passed a restraint order? HELD THAT:- The 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 the Black Money Act, but on or before a date notified by the Central Government in the Official Gazette. The date so notified for making a declaration is 30.09.2015 whereas, the date for payment of tax and penalty was notified to be 31.12.2015. In order to give the benefit to the assessee(s) and to remove the anomalies the date 01.07.2015 has been substituted in subsection (3) of Section 1 of the Black Money Act, in place of 01.04.2016. This is done, so as to enable the assessee desiring to take benefit of Section 59 of the Black Money Act. By doing so, the assessees, who desired to take the benefit of one time opportunity, could have made declaration prior to 30th September, 2015 and paid the tax and penalty prior to 31st December, 2015. In the factual scenario of the present case, it would reveal, that the assessment year in consideration was 2019-2020 and the previous year relevant to the assessment year was the year ending on 31.03.2019. The interim order passed by the High Court is not sustainable in law, the same is quashed and set aside.
|