UNION OF INDIA V. GAUTAM KHAITAN

UNION OF INDIA V. GAUTAM KHAITAN

SC-Directing the Delhi HC to decide the writ petition on its own merits, the Hon’ble SC observed that the penal provisions under Sections 50 and 51 of the Black Money Act would come into play only when an assessee has failed to take benefit of Sec. 59 and neither disclosed assets covered by the Black Money Act nor paid the tax and penalty thereon. The HC was not right in holding that, by the notification/order impugned before it, the penal provisions were made retrospectively applicable. Sub-sec. (3) of Sec. 1 of the Act, itself provides that save as otherwise provided in this Act, it shall come into force on 1st day of July, 2015.The assessment year in consideration was 2019-2020 and the previous year relevant to the assessment year was the year ending on 31.03.2019.-Hon'ble Justices Arun Mishra,M.R. Shah and B.R.Gavai[15-10-2019]
Read the full judgment with iDRAF (Issue,Decision,Reasoning,Arguments,Facts)-https://www.legitquest.com/union-of-india-vs-gautam-khaitan

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