https://www.taxtmi.com/caselaws?id=795597 Penalty under the Black Money Act could not be imposed by the Additional Commissioner where the statutory scheme reserved that authority's role for approval and required a different levying authority. Foreign-asset information, disclosure and tax payment arose in the financial year relevant to AY 2017-18; consequently, assessment for AY 2018-19 rested on an incorrect assessment year and was invalid. A jurisdictional defect that voids the primary assessment may be raised in consequential penalty proceedings. The penalty lacked legal foundation because both the levying authority's competence and the underlying assessment were defective. en-us Tue, 16 Jun 2026 00:00:00 +0530 Fri, 24 Jul 2026 08:36:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=795597 Penalty under the Black Money Act could not be imposed by the Additional Commissioner where the statutory scheme reserved that authority's role for approval and required a different levying authority. Foreign-asset information, disclosure and tax payment arose in the financial year relevant to AY 2017-18; consequently, assessment for AY 2018-19 rested on an incorrect assessment year and was invalid. A jurisdictional defect that voids the primary assessment may be raised in consequential penalty proceedings. The penalty lacked legal foundation because both the levying authority's competence and the underlying assessment were defective. Case-Laws Income Tax Tue, 16 Jun 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=795597