Black Money Law - Threadbare Analysis & Case Studies!

Episode Duration:
75 minutes.

Episode Background:

Recently, there has been a lot of administrative action in the field of offshore assets and related action initiated under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (BMA). As per recent press reports, more than 400 notices have been issued under the BMA and there have been recoveries of crores of rupees as well as several hundred prosecution cases filed (under the BMA as well as Income Tax Act, 1961 (IT Act)) in offshore assets matters. This law is likely to be one of the key focus areas for the administrative authorities for augmenting tax collections.

What will the episode cover?

Taxsutra in association with premier law firm Vaish Associates has unveiled a special episode on Black Money Law. Advocate Kavita Jha [Partner, Vaish Associates] has threadbare analysed the structure, scope & key features of the BMA. Ms. Jha has also touched upon 10+ practical scenarios while dealing with Black money cases, few of which are outlined below:

1. Retrospectivitity of Black Money Law - Gautam Khaitan case
2. Scope of assessee under Black Money Act - Dual resident cases? Non-residents covered, POEM cases?
3. Interplay with other Laws I.e. Income-tax Act, PMLA, FEMA  & Benami Law
4. BMA trigger on black money parked abroad (say in 1990s) and the assessee wishes to bring back the same to India
5. Mere non-disclosure of foreign bank account in the return of income and BMA trigger
6. Powers of AO to issue notice under BMA - Is it necessary that information must come from a credible /reliable and legal source?
7. BMA implication for merely being named as a beneficiary in an offshore discretionary trust 
8. Accumulated bank balance in offshore bank account and Black Money trigger
9. Attachment of property, Prosecution under Black money charges
10. Presumption as to culpable mental state - Onus on whom? 

The episode has also contains a brief conversation with legal eagle Sr. Adv. Arvind Datar, who has shared his experiences while dealing with the Black money cases.