TMI Blog2021 (10) TMI 274X X X X Extracts X X X X X X X X Extracts X X X X ..... ion 59 to 72 of the Act and paid the tax @ 30% along with equal amount by way of penalty. The Commissioner of Income Tax has not declared the declaration filed in Form No. 6 by the assessee as invalid - as noticed neither in assessment order nor in appellate order any discussion was made by authorities below about the declaration of undisclosed assets located outside India under section 59 of the Black Money (Undisclosed Foreign Income and Asset and Imposition of Tax Act, 2015) in Form No. 6 filed by the assessee on 29-09-2015. The Commissioner of Income Tax has acknowledged as per Form 7 dated 30-12-2015 that declaration accepted and assessee has made compliance with the payment of taxes including penalty under the scheme. Assessing Off ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... disclosed foreign income and assets) and imposition tax act 2015. The total of such income disclosed by the assessee in the Form-6 was to the amount of ₹ 12,18,459/-. The same was added to the total income of the assessee while finalizing the assessment u/s. 143(3) of the act. The Assessing Officer has also initiated penalty proceedings u/s. 271(1)(c) of the act in respect of foreign income. During the course of penalty proceedings, the assessee explained that he has disclosed the said income suo moto at the time of assessment, therefore, no penalty should be levied in the case of the assessee. The Assessing Officer has not accepted the contention of the assessee and levied penalty to the amount of ₹ 3,80,000/- u/s. 271(1)(c) of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sition of Tax 2015 was enacted for controlling and regulating the Black Money stashed abroad. It contained 7 chapters and 85 sections. In addition to the general provisions this act also contains special provisions relating to declaration of foreign income and assets and payment of tax and penalty thereon. Section 59 of the Act is pertained to declaration of undisclosed foreign assets. This section specifically provides that a person can after the commencement of the act from 1st July, 2015 up to 30th Sep, 2015, make a declaration in respect of any undisclosed asset located outside India (as defined in Section 5 of the Act) and acquired from income chargeable to tax under the Income Tax At, 1961 for any assessment year prior to the assessme ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e relevant issue in this case is about the acceptance of the Declaration filed by the assessee under the scheme. The CBDT has also issued circular No. 13 of 2015 dated 06.07.2015 regarding clarification for acceptance of declaration made by any person of an undisclosed foreign assets acquired from income chargeable to tax under the Income Tax for any assessment year prior to assessment year 2016-17. After perusal of the material on record, it is noticed that assessee has made declaration in Form 6 on 29-09-2015 before the Commission of Income Tax in respect of undisclosed foreign assets on which the assessee has duly paid tax @ 30% along with 100% penalty on the declared amount. It is undisputed fact that the above referred declaration w ..... X X X X Extracts X X X X X X X X Extracts X X X X
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