Govt given 2 weeks to list pending black money cases

The Supreme Court granted the government two weeks to submit a list of pending black money cases before high courts challenging provisions of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. Anil Ambani's case was among them. The Centre requested the transfer of these petitions from the Bombay High Court to the Delhi High Court, claiming that the former had put the cases in cold storage.

However, the Chief Justice questioned the government's preference for one high court over another, noting that there was no delay in deciding cases pending in the Delhi High Court. The government should now aim for a verdict from the Delhi High Court. The longer the cases remain under stay, the more it undermines the purpose of bringing back black money stashed abroad.

There are 15-20 matters pending in the Delhi High Court, and these cases hold significant revenue implications. In June, the Bombay High Court ruled that no coercive action should be taken against Anil Ambani until his petition against certain provisions of the 2015 Act was heard. Revenue authorities alleged that he had evaded ₹420 crore in taxes on undisclosed funds exceeding ₹814 crore held in two Swiss bank accounts.

The industrialist argued that the Black Money Act could not be applied retroactively to his alleged transactions from the assessment years 2006-07 and 2010-11.