Political contribution deductions require genuine transactions; banking records and party registration alone cannot defeat evidence of accommodation e...
Post-death GST liability permits fresh proceedings against legal representatives, while discontinued-business recovery remains limited to the inherite...
Non-confirmation of FEMA seizure prevents adjudicators from overriding pending appellate findings on recorded reasons and suspected foreign asset hold...
HC ruled that Black Money Act proceedings cannot continue where income was declared and settled under Chapter XIX-A of Income Tax Act prior to Black Money Act implementation. The assessee filed returns on 21.05.2015, before the Black Money Act came into effect on 01.07.2015. The settlement under Chapter XIX-A was deemed valid and binding, making subsequent notices under Section 10(1) of Black Money Act untenable. HC emphasized that the Black Money Act's implementation does not invalidate prior settlements under Income Tax Act, supported by CBDT Circular No.12/2015. The settlement commission's order dated 26.08.2022 was upheld as final, effectively barring parallel proceedings under Black Money Act.
HC ruled that Black Money Act proceedings cannot continue where income was declared and settled under Chapter XIX-A of Income Tax Act prior to Black Money Act implementation. The assessee filed returns on 21.05.2015, before the Black Money Act came into effect on 01.07.2015. The settlement under Chapter XIX-A was deemed valid and binding, making subsequent notices under Section 10(1) of Black Money Act untenable. HC emphasized that the Black Money Act's implementation does not invalidate prior settlements under Income Tax Act, supported by CBDT Circular No.12/2015. The settlement commission's order dated 26.08.2022 was upheld as final, effectively barring parallel proceedings under Black Money Act.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
