Parties Notified of Submission Deadline & Hearing Date, No Coercive Measures

The court issued notice to the parties for further submissions, with a timeline for filing affidavits and set the next hearing date. No coercive measures were to be taken against the petitioner until the next hearing. The parties were instructed to act based on the digitally signed copy of the order.

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Issues involved:
The petitioner challenged a notice issued under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, along with the rejection of an application and a show cause notice for assessment.

Challenge to Notice dated 08.04.2022:
The petitioner challenged a notice issued under Section 10(1) of the 2015 Act, along with the rejection of an application and a show cause notice for assessment. The petitioner declared undisclosed assets in 2015, which were rejected by the revenue. The revenue claimed prior knowledge of the assets, leading to the notice being issued. The petitioner argued that proceedings cannot be triggered after rejection of the declaration.

Rejection of Application and Show Cause Notice:
The rejection of the petitioner's application was based on various grounds, including the timing of the declaration, failure to disclose assets earlier, and the ineligibility under the 2015 Act. Subsequently, a show cause notice was issued under Section 10(3) of the 2015 Act, leading to further legal arguments regarding the validity of the notice.

Legal Arguments and Submissions:
The petitioner's counsel argued based on the CBDT circular, timeline for issuing notices, and retroactive application of the 2015 Act. The revenue's counsel countered, claiming lack of bona fide in the declaration and prior knowledge of the undisclosed assets. The court acknowledged the need for further examination of when the revenue acquired information and the applicability of the Act to assets acquired before 01.07.2015.

Court Decision and Next Steps:
The court issued notice to the parties for further submissions, with a timeline for filing affidavits and set the next hearing date. No coercive measures were to be taken against the petitioner until the next hearing. The parties were instructed to act based on the digitally signed copy of the order.

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