https://www.taxtmi.com/caselaws?id=766157 The ITAT Mumbai quashed assessment orders for AY 2018-19 under the Black Money Act, 2015, ruling that the AO lacked proper jurisdiction. The tribunal held that under section 72(c), undisclosed foreign assets are deemed acquired in the year when notice under section 10(1) is issued. Since the valid notice was issued on 27-04-2018, the assets should have been assessed for AY 2019-20, not 2018-19. The AO's attempt to modify the assessment year in subsequent notices was invalid, making the entire assessment order jurisdictionally defective. en-us Fri, 14 Feb 2025 00:00:00 +0530 Wed, 19 Feb 2025 08:42:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=766157 The ITAT Mumbai quashed assessment orders for AY 2018-19 under the Black Money Act, 2015, ruling that the AO lacked proper jurisdiction. The tribunal held that under section 72(c), undisclosed foreign assets are deemed acquired in the year when notice under section 10(1) is issued. Since the valid notice was issued on 27-04-2018, the assets should have been assessed for AY 2019-20, not 2018-19. The AO's attempt to modify the assessment year in subsequent notices was invalid, making the entire assessment order jurisdictionally defective. Case-Laws Income Tax Fri, 14 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=766157