Rationalisation of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015

Rationalisation of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 https://www.taxtmi.com/news?id=19562 The amendments expand the approval framework for penalty orders under the Act by vesting additional supervisory approval power in a higher-level officer and expressly including investigating officers with concurrent assessing jurisdiction within the approval clause, clarifying that such investigating officers may initiate penalty proceedings only with prior approval from an appropriate senior officer. They also widen authority to issue instructions for instituting criminal proceedings by adding senior oversight officers and amend the provision's marginal heading accordingly. en-us Mon, 05 Feb 2018 11:12:40 +0530 Mon, 05 Feb 2018 12:32:00 +0530 TaxTMI RSS Generator Rationalisation of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 https://www.taxtmi.com/news?id=19562 The amendments expand the approval framework for penalty orders under the Act by vesting additional supervisory approval power in a higher-level officer and expressly including investigating officers with concurrent assessing jurisdiction within the approval clause, clarifying that such investigating officers may initiate penalty proceedings only with prior approval from an appropriate senior officer. They also widen authority to issue instructions for instituting criminal proceedings by adding senior oversight officers and amend the provision's marginal heading accordingly. News - Mon, 05 Feb 2018 11:12:40 +0530 https://www.taxtmi.com/news?id=19562