New User   Login      
Tax Management India .com TMI - Tax Management India. Com
Extracts
Home List
← Previous Next →

2016 (7) TMI 402 - MADRAS HIGH COURT

2016 (7) TMI 402 - MADRAS HIGH COURT - [2017] 391 ITR 23 - Settlement Application - undisclosed foreign income and assets - applicability of Black Money (Undisclosed Foreign Income Tax and Assets) and Imposition of Tax Act, 2015 - Held that:- In the light of the stand taken which is based on the Explanatory note dated 02.07.2015 issued in Circular No.12 of 2015, as the Black Money (Undisclosed Foreign Income Tax and Assets) and Imposition of Tax Act, 2015 comes into effect from 01.07.2015 and th .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

tlement Commission, which shall be considered by the Commission in accordance with the provisions of the Act. - W.P.Nos.22216 to 22219 of 2015, M.P.Nos.1 to 1 and 2 to 2 of 2015 - Dated:- 21-6-2016 - T. S. Sivagnanam, J. For the Petitioners : Mr. V. T. Gopalan, Senior Counsel (In all WPs.) For Mr.Suhrith Parthasarathy For the Respondents : Mr. T. Promod Kumar Chopda ORDER Heard Mr.V.T.Gopalan, learned Senior Counsel assisted by Mr.Suhrith Parthasarathy, learned counsel for the petitioner and Mr. .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

e Tax Settlement Commission, Additional Bench, Chennai dated 30.06.2015 and 15.07.2015. The petitioners have filed applications before the Settlement Commission in respect of the assessment years 2005 - 2006 to 2014 - 2015. The applications came to be rejected, by order dated 30.06.2015, on the following ground: "11.10 Therefore after going though the applications, the arguments by the A.R. and papers filed during the course of hearing, we are of the view that the Commission does not have j .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

on on 10.07.2015 for the same assessment years requesting the Commission to take up the matter and consider the same and this application was rejected by order dated 15.07.2015 and the Commission has stated that the petitioners have re-submitted their applications along with circulars issued by the CBDT. The Commission after considering the submissions made by the petitioners by order dated 15.07.2015 rejected the applications for the following reasons: "14.7 After going through the Applica .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

the total Income Tax Act), the New Act imposes an implied repeal of the provisions of the Income Tax Act conferring such rights to such assessees to approach the Income Tax Settlement Commission. 14.8 Therefore, we are of the view that the Commission does not have jurisdiction to entertain these Applications offering undisclosed foreign income and assets. Since the Commission does not have the jurisdiction, we have not gone into the further question as to whether the Applicants have fulfilled th .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 



|| Home || Acts and Rules || Notifications || Circulars || Schedules || Tariff || Forms || Case Laws || Manuals ||

|| About us || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members || Site Map ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version