https://www.taxtmi.com/caselaws?id=795409 Black Money Act proceedings cannot be initiated where the assessee was not ordinarily resident in the relevant previous year and the statutory definition does not confer jurisdiction; the notice and assessment were therefore invalid. Offshore shares acquired from funds arising outside India during non-resident years were not undisclosed foreign assets where they were not acquired from income chargeable to tax in India and no applicable disclosure obligation arose. Unquoted shares also cannot be valued using the rule for bank accounts and must be valued under the separate prescribed methodology. As the assessment lacked jurisdictional and substantive basis, the related penalty could not survive. en-us Mon, 12 Jan 2026 00:00:00 +0530 Wed, 22 Jul 2026 08:48:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=795409 Black Money Act proceedings cannot be initiated where the assessee was not ordinarily resident in the relevant previous year and the statutory definition does not confer jurisdiction; the notice and assessment were therefore invalid. Offshore shares acquired from funds arising outside India during non-resident years were not undisclosed foreign assets where they were not acquired from income chargeable to tax in India and no applicable disclosure obligation arose. Unquoted shares also cannot be valued using the rule for bank accounts and must be valued under the separate prescribed methodology. As the assessment lacked jurisdictional and substantive basis, the related penalty could not survive. Case-Laws Income Tax Mon, 12 Jan 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=795409