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        Case ID :
        Income Tax

        The tax authority amended a prior instruction so prosecution...

        No prosecution under sections 49/50 (Black Money Act) if 42/43 penalty not imposed for foreign assets up to Rs20 lakh

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                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.
                                The tax authority amended a prior instruction so prosecution under the Black Money Act (sections 49/50) will not be initiated where penalty under sections 42/43 is not imposed or imposable for undisclosed foreign assets (other than immovable property) whose aggregate value did not exceed Rs.20 lakh at any time in the relevant previous year. The amendment aligns the instruction with the Finance (No.2) Act, 2024 change raising the threshold from the earlier lower amount, and took effect when the statutory amendment became operative.
                                Note: It is a system-generated summary and is for quick reference only.
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