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Section 3(1) of Black Money Act provides for taxation of undisclosed foreign assets in the year they came to notice of Assessing Officer. Assets acquired before Act's commencement but not disclosed under Chapter 6 are deemed acquired in year of Section 10 notice. Accused bound to declare foreign assets u/s 59. Court granted anticipatory bail on Rs. 5 lakh bond with conditions of cooperating with IT Dept, not inducing witnesses, not leaving India without permission, surrendering passport, and not committing similar offence.
Section 3(1) of Black Money Act provides for taxation of undisclosed foreign assets in the year they came to notice of Assessing Officer. Assets acquired before Act's commencement but not disclosed under Chapter 6 are deemed acquired in year of Section 10 notice. Accused bound to declare foreign assets u/s 59. Court granted anticipatory bail on Rs. 5 lakh bond with conditions of cooperating with IT Dept, not inducing witnesses, not leaving India without permission, surrendering passport, and not committing similar offence.
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TaxTMI 
TaxTMI 
