https://www.taxtmi.com/caselaws?id=414639 The Tribunal upheld the assessment of undisclosed foreign income and assets under the Black Money (Undisclosed Foreign Income & Assets) and Imposition of Tax Act, 2015 (BMA), confirming the Assessing Officer's jurisdiction and procedural correctness. The Tribunal dismissed the assessee's appeal, rejecting arguments regarding the applicability of BMA to pre-existing assets, the definition of "beneficial owner," and procedural validity. It concluded that foreign bank accounts are assets under BMA, and interest provisions apply to undisclosed income. The Assessing Officer's appeal was allowed, affirming the taxability of undisclosed foreign assets and income under BMA. en-us Tue, 02 Nov 2021 00:00:00 +0530 Wed, 22 Jul 2026 17:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=414639 The Tribunal upheld the assessment of undisclosed foreign income and assets under the Black Money (Undisclosed Foreign Income & Assets) and Imposition of Tax Act, 2015 (BMA), confirming the Assessing Officer's jurisdiction and procedural correctness. The Tribunal dismissed the assessee's appeal, rejecting arguments regarding the applicability of BMA to pre-existing assets, the definition of "beneficial owner," and procedural validity. It concluded that foreign bank accounts are assets under BMA, and interest provisions apply to undisclosed income. The Assessing Officer's appeal was allowed, affirming the taxability of undisclosed foreign assets and income under BMA. Case-Laws Income Tax Tue, 02 Nov 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=414639