BMA Rule 3(1)(e)

BMA Rule 3(1)(e) — the law in short

What the courts have decided on section BMA Rule 3(1)(e), in one screen. Read this first; open an entry when you need the facts, the reasoning and the source.

• Vijendra Kedia v DDIT (Inv) ITATHelps taxpayerNo later treatment found
  The officer valued my foreign shareholding under the rule meant for bank accounts. Does that stand, and was I even an 'assessee' under the Act as a not ordinarily resident?
  Neither stands. Rule 3(1)(e) of the Black Money Rules determines the value of a bank account and cannot be applied to shares, which fall under Rule 3(1)(c). Separately, the definition of 'assessee' in s.2(2) as it stood when the s.10(1) notice was issued in February 2018 covered only a resident, and the assessee being not ordinarily resident in the relevant financial year, the notice and the assessment were held to be without jurisdiction and were quashed.

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.