Black Money Act

The Bombay High Court on Monday questioned the Income Tax department's move seeking to prosecute Reliance ADAG chairman Anil Ambani under the Black Money Act for alleged tax evasion, and asked how Acts criminalising certain action can have a retrospective effect. A division bench of Justices Gautam Patel and S G Dige, while hearing a petition by Ambani challenging a show cause notice issued to him by the I-T department, asked how a person conducting himself or herself in a certain manner will know what the government is going to do in future. The high court posted the matter for hearing on February 20 and extended its September 2022 order directing the I-T department to not take any coercive action against Ambani till then. The I-T department had issued a notice to Ambani on August 8, 2022, for allegedly evading Rs 420 crore in taxes on undisclosed funds worth more than Rs 814 crore held in two Swiss bank accounts. As per the department's notice, Ambani was liable to be prosecuted

The Bombay High Court on Monday directed the Income Tax department not to take any coercive action against Reliance Group Chairman Anil Ambani till November 17 on a show cause notice issued to him seeking to prosecute him under the Black Money Act. The I-T department had issued the notice to Ambani on August 8, 2022 for allegedly evading Rs 420 crore in taxes on undisclosed funds worth more than Rs 814 crore held in two Swiss bank accounts. The department has charged Ambani (63) with "wilful" evasion, saying he "intentionally" did not disclose his foreign bank account details and financial interests to Indian tax authorities. As per the department's notice, Ambani was liable to be prosecuted under Sections 50 and 51 of the Black Money (undisclosed foreign income and assets) Imposition of Tax Act of 2015, that stipulates a maximum punishment of 10 years imprisonment with a fine. Ambani earlier this month approached the HC challenging the notice, claiming that the Black Money Act wa

The Black Money law penalises the concealment of foreign income and imposes criminal liability for attempting to do so

Several older legislations like the Black Money Act and the Benami Transactions Act have become subservient to the Prevention of Money Laundering Act now

I-T dept may evoke Black Money Act; ED to examine FEMA violation

The ED sought information under Section 37 of the Foreign Exchange Management Act (FEMA), which is typically invoked to obtain primary details for initiating a probe

Besides the Panama Leak, the government also detected undisclosed credits of about Rs 246 crore in Paradise Papers Leaks and Rs 11,010 crore in ICIJ cases

Swiss account holder to cough up tax on Rs 200 cr, rules ITAT

According to the I-T department, the Ambani family refuted all the charges in the show-cause notice and submitted the copy of GDR offer documents on June 7 for RUPL along with other documents

This peculiar situation has prevented the agency from going after certain entities named in these global leaks

Undisclosed foreign assets and funds worth Rs 3.5 billion detected; these are separate entities from those featured in Panama Leaks and Paradise Papers