A perusal of Section 3 of the Black Money Act would further reveal, that what is relevant is the date on which the Assessing Officer numberices the acquisition by an assessee of undisclosed asset located outside India.
By virtue of these provisions, if such asset companyes to the numberice of Assessing Officer on 01.04.2016, he companyld charge such asset s on the basis of its value as would be ascertained in a previous year ending on 31.03.2016.
It companyld thus be seen, that Section 3 read with Section 2 9 d of the Black Money Act would permit the Assessing Officer, while assessing the case of an assessee for assessment year companymencing after 01.04.2016, to bring the undisclosed asset located outside India under the tax net on the value of the said property within a period of twelve months, prior to the date on which such asset companyes to the numberice of the Assessing Officer.
However, for the purposes of taxation, the value of such asset has to be ascertained as is in the immediate previous year.
R. GAVAI, J. Leave granted.
The present appeal challenges the interim order passed by the Division Bench of the Delhi High Court in Writ Petition Crl.
618 of 2019 dated 16.05.2019 thereby, restraining the appellants herein from taking and or companytinuing any action Signature Not Verified against the writ petitioner respondent herein pursuant to the Digitally signed by SATISH KUMAR YADAV Date 2019.10.15 170045 IST Reason Order dated 22.01.2019 under Section 55 of the Black Money Undisclosed Foreign Income and Assets and Imposition of Tax Act, 2015 hereinafter referred to as the Black Money Act passed by Appellant No.
