BMA 2015 s.2(11)

BMA 2015 s.2(11) — the law in short

What the courts have decided on section BMA 2015 s.2(11), in one screen. Read this first; open an entry when you need the facts, the reasoning and the source.

• Rashesh Manhar Bhansali v Addl CIT ITATHelps departmentValidity unconfirmed
  My foreign bank account was closed years before 2015. Can it still be taxed under the Black Money Act?
  Yes. Under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act 2015 the charge is fixed by the year in which the undisclosed asset comes to the notice of the Assessing Officer, so it does not matter that the accounts had been closed before the Act commenced. A bank account balance is an 'asset' for this purpose and nothing is deductible against it.

Listed strongest first: Supreme Court, then High Court, then Tribunal, then CBDT. Nothing here has yet been read in full by a chartered accountant — open an entry to see where it came from.