BMA s.2(12) — the law in short
What the courts have decided on section BMA s.2(12), in one screen. Read this first; open an entry when you need the facts, the reasoning and the source.
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Jt. CIT v Akhilesh Singh
ITATCuts both waysJudgment not reachable
The addition is built on every credit in a foreign company's bank account. What does the Tribunal look for first under the Black Money Act?
Whether there is an undisclosed asset located outside India at all. On a Revenue appeal against the deletion of an addition of Rs 1,33,20,62,815 made on the credits in a Singapore bank account of a company in which the assessee was a director and shareholder, the Kolkata Bench confined its adjudication to the one account on which the Assessing Officer had actually made the addition, set out s.2(11), s.2(12) and s.4, and said that the first thing to be identified is whether there is an undisclosed asset located outside India. The only copy of the order that can be reached breaks off in the middle of that sentence, so what the Tribunal went on to decide is not known.
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.
