https://www.taxtmi.com/caselaws?id=305188 The court quashed the complaint filed under Section 50 of the Black Money Act against the petitioner as the revised Income Tax Return (ITR) was filed within the permissible time frame and disclosed the foreign assets. The court held that no offense was made out under Sections 4 and 50 of the Black Money Act since the assets were disclosed in the revised ITR. The presumption under Section 54 was deemed inapplicable, and the criminal proceedings against the petitioner were considered an abuse of the legal process and were consequently quashed. en-us Fri, 24 Sep 2021 00:00:00 +0530 Tue, 22 Nov 2022 09:01:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=305188 The court quashed the complaint filed under Section 50 of the Black Money Act against the petitioner as the revised Income Tax Return (ITR) was filed within the permissible time frame and disclosed the foreign assets. The court held that no offense was made out under Sections 4 and 50 of the Black Money Act since the assets were disclosed in the revised ITR. The presumption under Section 54 was deemed inapplicable, and the criminal proceedings against the petitioner were considered an abuse of the legal process and were consequently quashed. Case-Laws Income Tax Fri, 24 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=305188