Author: Arinjay Academy

PAYMENT OF TAX DURING PENDING APPEAL Where any tax is due as per assessment made under the Black Money Act, such tax has to be

PENALTY IN RELATION TO UNDISCLOSED FOREIGN INCOME AND ASSET – SECTION 41 The Assessing Officer may levy penalty where tax has been computed in respect

REVISION OF ORDERS PREJUDICIAL TO REVENUE – SECTION 23  There are instances where the Assessing Officer may pass orders which are prejudicial to the interest

APPEAL TO HIGH COURT – SECTION 19 Where any case under the Black Money Act is related to a question of fact, it cannot be

APPEAL TO APPELLATE TRIBUNAL [SECTION 18 read with Rule 7 Any person , aggrieved by the order passed by Commissioner (Appeals) may appeal to the

Any person, who is not satisfied with the order passed by the Assessing Officer under the Black Money Act, can file an appeal against such

RECTIFICATION OF MISTAKE SECTION 12 The tax authority can also rectify its order,  if there is any mistake apparent from record in such order.  Such

ASSESSMENT OF FOREIGN INCOME AND ASSETS – SECTION 10 The process of assessment of foreign income and asset shall comprise of the following steps :

TAX AUTHORITIES UNDER THE BLACK MONEY ACT – SECTION 6 From here onwards, we will study the procedural part of the Black Money Act like,

Offences and Prosecution under Income tax act – Chapter V PROVISIONS OF CHAPTER V NOT IN DEROGATION OF ANY OTHER LAW [SECTION 48] The provisions

SCOPE OF TOTAL UNDISCLOSED FOREIGN INCOME AND ASSET – SECTION 4(1) Undisclosed foreign income or undisclosed foreign asset would arise, where the assesse :- Files

Valuation of an Undisclosed Asset located outside India – Section 3(2) In order to determine the tax liability on various undisclosed foreign assets, it is