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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.
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