Black money case: ITAT quashes tax demand & penalty
Mr. Bhowmick, a resident of DLF Magnolias in Gurgaon, invested USD 3 lakh in a Bermuda-based global investment fund in May 2015 and redeemed it in March 2016. The Indian Income Tax Department deemed this investment as black money and imposed a significant penalty. Despite Bhowmick's explanations, the tax officer refused to accept his arguments and classified his investment as unexplained.
The case reached the ITAT Delhi, where the principal issue was whether an assessment for AY 2019-20 could be sustained without a valid notice under Section 10(1) of the Black Money Act. Bhowmick won the case, receiving full relief from the tax demand and penalty.
Written by urgent.news from The Economic Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
