IT Dept. to serve Notices in cases under Anti-Black Money Law within next few weeks

IT Dept. to serve Notices in cases under Anti-Black Money Law within next few weeks

IT Department - serve notices - anti-black money law - Taxscan

The Income Tax Department will serve notices in cases under anti-black money law within the next few weeks.

The Income Tax Department has issued notices in over 400 cases involving more than Rs.12,600 crore under the Black Money (Undisclosed Foreign Income & Assets) and Imposition of Tax Act since July 1, 2015, when it came into force.

The government has also constituted a Special Investigation Team (SIT) on black money under Chairmanship and Vice-Chairmanship of two former judges of the Supreme Court.

Also, the government has entered into Double Taxation Avoidance Agreements/Tax Information Exchange Agreements /Multilateral Convention on Mutual Administrative Assistance in Tax Matters/SAARC Multilateral Agreement with other countries which provide for exchange of information.

On account of deposits made in unreported foreign bank accounts in HSBC cases, so far, undisclosed income of more than Rs.8,460 crore have been brought to tax and penalty of more than Rs.1,290 crore levied.

The Agency has launched prosecution in 1,149 cases, compared to 3,512 cases in 2019-20. While 353 cases have been disposed of by the courts, the Department has secured 41 convictions. In the last financial year, a total of 570 cases were disposed of and 105 convictions made.

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