“Emerging jurisprudence” as regard the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015
- News|Blog|Income Tax|
- < 1 minute
- By Taxmann
- |
- Last Updated on 22 November, 2021
Latest from Taxmann
Ruchesh Sinha, Anmol Batra & Alok Sinha – [2021] 132 taxmann.com 184 (Article)
Since the notification of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (‘BM Act’ in short), w.e.f 1st July, 2015, slowly and gradually the legal wheels are moving and the matters have now started coming to the first and second appellate forum i.e. the CIT (A) and the ITAT. It may be stated that the legislatures enact statutes, which stand on their own and speak for themselves.
Interpreting statutes begins and ends with the text of the statutes. When courts render decisions on the meaning of statutes, the prevailing view is that a court task is not to make the law, but rather to interpret the law.
In the case of BM Act, unlike the parent legislation i.e. the Income-tax Act, 1961 which have to its share hundreds of judgements on various forums like of ITAT, High Court and Supreme Court, the BM Act is a recent legislation and hence the law in this regard is still developing and evolving. Hence, it is imperative to analyse any decision which has been given in this context. Before coming to the analysis and discussions of this aspect, it is relevant to briefly touch upon the relevant analysis of the BM Act.
Click Here to Read the Full Article
Disclaimer: The content/information published on the website is only for general information of the user and shall not be construed as legal advice. While the Taxmann has exercised reasonable efforts to ensure the veracity of information/content published, Taxmann shall be under no liability in any manner whatsoever for incorrect information, if any.
Taxmann Publications has a dedicated in-house Research & Editorial Team. This team consists of a team of Chartered Accountants, Company Secretaries, and Lawyers. This team works under the guidance and supervision of editor-in-chief Mr Rakesh Bhargava.
The Research and Editorial Team is responsible for developing reliable and accurate content for the readers. The team follows the six-sigma approach to achieve the benchmark of zero error in its publications and research platforms. The team ensures that the following publication guidelines are thoroughly followed while developing the content:
- The statutory material is obtained only from the authorized and reliable sources
- All the latest developments in the judicial and legislative fields are covered
- Prepare the analytical write-ups on current, controversial, and important issues to help the readers to understand the concept and its implications
- Every content published by Taxmann is complete, accurate and lucid
- All evidence-based statements are supported with proper reference to Section, Circular No., Notification No. or citations
- The golden rules of grammar, style and consistency are thoroughly followed
- Font and size that’s easy to read and remain consistent across all imprint and digital publications are applied
Sign Up
To subscribe to our weekly newsletter please log in/register on Taxmann.com
Latest Books
Everything on Tax and Corporate Laws of India
To subscribe to our weekly newsletter please log in/register on Taxmann.com
CA | CS | CMA
