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Cross-examination of retracted statements is essential where foundational evidence supports a benami allegation and documented funding explanations re...
Capital-goods exemption covers plant-modernisation accessories, while the import restriction applies only to earlier capital-goods components and spar...
Constitutional judicial review permits challenges to ECIRs and connected money-laundering proceedings where coercive action affects fundamental intere...
CBDT guidelines on notice timing under the Black Money Act require a notice for an alleged undisclosed foreign asset to be issued preferably within 30 days after the relevant previous year ends. Although the Act prescribes no statutory limitation period, any departure from the guideline requires recorded written reasons and approval from the competent authority. Where the tax department already possessed and acted on the relevant foreign-asset information, a later notice issued without documented reasons for delay or required approval contravenes the binding guidelines. The notes state that such non-compliance renders the notice time-barred and invalidates the consequential assessment proceedings.
CBDT guidelines on notice timing under the Black Money Act require a notice for an alleged undisclosed foreign asset to be issued preferably within 30 days after the relevant previous year ends. Although the Act prescribes no statutory limitation period, any departure from the guideline requires recorded written reasons and approval from the competent authority. Where the tax department already possessed and acted on the relevant foreign-asset information, a later notice issued without documented reasons for delay or required approval contravenes the binding guidelines. The notes state that such non-compliance renders the notice time-barred and invalidates the consequential assessment proceedings.
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