{
  "id": 3954211,
  "title": "Black money case: ITAT quashes tax demand & penalty",
  "url": "https://urgent.news/2026/08/28/black-money-case-itat-quashes-tax-demand-penalty",
  "topic": "business",
  "section": "Business",
  "published": "2026-08-28T11:11:11.000Z",
  "source": {
    "name": "The Economic Times",
    "slug": "the-economic-times",
    "url": "https://economictimes.indiatimes.com/wealth/tax/man-receives-3-14-lakh-from-redemption-of-bermuda-focused-fund-income-tax-dept-considers-it-black-money-imposes-rs-1-8-crore-penalty-and-tax-but-he-wins-case-in-itat-delhi/articleshow/133589885.cms"
  },
  "original_language": "en",
  "account": "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.",
  "summary": null,
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}