Asset recovery: amendment enables liabilities under the Black Money Act to be recovered from seized or requisitioned assets. The amendment adds a reference to the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 to Section 132B of the ... Summary
Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015
Asset recovery: amendment enables liabilities under the Black Money Act to be recovered from seized or requisitioned assets.
The amendment adds a reference to the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 to Section 132B of the Income-tax Act, authorising recovery of existing liabilities under the Black Money Act from assets seized or requisitioned under section 132, with prospective effect from the 1st day of October, 2024.
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