https://www.taxtmi.com/caselaws?id=755368 MP HC granted anticipatory bail to accused charged under Black Money Act for undisclosed foreign assets. Court noted that Section 3(1) charges tax on undisclosed assets located outside India when they come to Assessing Officer's notice. Assets acquired before Act's commencement but not disclosed under Chapter 6 are deemed acquired when Section 10 notice is issued. Despite prosecution's argument that accused committed offence by failing to declare foreign assets under Section 59, Court allowed bail application. Accused released on Rs. 5 lakh personal bond with surety, required to cooperate with Income Tax Department investigation, surrender passport, and comply with standard bail conditions including availability for interrogation and non-interference with witnesses. en-us Wed, 03 Jul 2024 00:00:00 +0530 Wed, 10 Jul 2024 16:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755368 MP HC granted anticipatory bail to accused charged under Black Money Act for undisclosed foreign assets. Court noted that Section 3(1) charges tax on undisclosed assets located outside India when they come to Assessing Officer's notice. Assets acquired before Act's commencement but not disclosed under Chapter 6 are deemed acquired when Section 10 notice is issued. Despite prosecution's argument that accused committed offence by failing to declare foreign assets under Section 59, Court allowed bail application. Accused released on Rs. 5 lakh personal bond with surety, required to cooperate with Income Tax Department investigation, surrender passport, and comply with standard bail conditions including availability for interrogation and non-interference with witnesses. Case-Laws Income Tax Wed, 03 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755368