https://www.taxtmi.com/caselaws?id=387045 The Supreme Court clarified that the retrospective application of the Black Money Act was limited to facilitating the one-time opportunity under Section 59, not extending penal provisions. Legislative intent was interpreted to tax undisclosed foreign assets based on their value in the immediate previous year. The deadline for asset declaration was set to aid compliance, not apply penalties retroactively. Penal provisions under Sections 50 and 51 apply when assets are not declared under Section 59. The Supreme Court overturned the High Court's interim order, directing a fresh review on merits without retrospective penal application. en-us Tue, 15 Oct 2019 00:00:00 +0530 Tue, 20 Sep 2022 10:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=387045 The Supreme Court clarified that the retrospective application of the Black Money Act was limited to facilitating the one-time opportunity under Section 59, not extending penal provisions. Legislative intent was interpreted to tax undisclosed foreign assets based on their value in the immediate previous year. The deadline for asset declaration was set to aid compliance, not apply penalties retroactively. Penal provisions under Sections 50 and 51 apply when assets are not declared under Section 59. The Supreme Court overturned the High Court's interim order, directing a fresh review on merits without retrospective penal application. Case-Laws Income Tax Tue, 15 Oct 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=387045