https://www.taxtmi.com/highlights?id=84611 The ITAT held that the Black Money Act, 2015 would be applicable from AY 2016-17 onwards. Hence, the AO lacked jurisdiction to assess income or levy penalty under the Act for AYs 2014-15 and 2015-16. Regarding AY 2016-17, the dividend income reinvested in the Non-Retirement Fund (NRF) did not constitute undisclosed foreign income/asset as the tax was withheld as per USA laws. The penalty u/s 41 was deleted consequentially. The penalty u/s 43 was also rightly deleted by the CIT(A) considering it was the first year of the Act's implementation, the assets were from known sources with taxes paid, and the lapse was unintentional. The revenue's appeals were dismissed. en-us Mon, 06 Jan 2025 08:42:25 +0530 Mon, 06 Jan 2025 08:42:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=84611 The ITAT held that the Black Money Act, 2015 would be applicable from AY 2016-17 onwards. Hence, the AO lacked jurisdiction to assess income or levy penalty under the Act for AYs 2014-15 and 2015-16. Regarding AY 2016-17, the dividend income reinvested in the Non-Retirement Fund (NRF) did not constitute undisclosed foreign income/asset as the tax was withheld as per USA laws. The penalty u/s 41 was deleted consequentially. The penalty u/s 43 was also rightly deleted by the CIT(A) considering it was the first year of the Act's implementation, the assets were from known sources with taxes paid, and the lapse was unintentional. The revenue's appeals were dismissed. Highlights Income Tax Mon, 06 Jan 2025 08:42:25 +0530 https://www.taxtmi.com/highlights?id=84611