Delhi HC allows revenue to Approach Court on Failure of Proceeding under Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act [Read Order]

The Delhi High Court allowed the revenue to approach the court on failure of proceeding under Black Money ( Undisclosed Foreign Income and Assets ) and Imposition of Tax Act, 2015.

The appellant/revenue challenged the order passed by the Income Tax Appellate Tribunal [“Tribunal”]. The Commissioner of Income Tax (Appeals) [“CIT(A)”], via the order, deleted the addition made by the Assessing Officer ( AO ), albeit on a protective basis amounting to Rs. 2,75,75,955/- on the ground that a substantive addition was being made against the company in which the respondent/assessee Ashok Kumar Singh was a director and a sole shareholder, i.e., Everbez Business Inc. [“Everbez”]. The record showeds that Everbez was being proceeded under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 [“2015 Act”].

Mr Ruchir Bhatia, senior standing counsel stated that the best way forward would be to close the instant appeal, with liberty to the appellant/revenue to approach the Court, in case the appellant/revenue were to fail in the proceedings taken out against the respondent/assessee, concerning Everbez under the 2015 Act.

A division bench comprising Justice Rajiv Shakdher and Justice Girish Kathpalia held that “The registry will dispatch a copy of the order to the respondent/assessee via all modes, including email. The appellant/revenue will also ensure that a copy of this order is served on the respondent/assessee.”

Support our journalism by subscribing to Taxscan premium. Follow us on Telegram for quick updates