Once Additions Made Under Black Money Act The Same Addition Cannot Be Made Under Income Tax Act: ITAT
Live LawThe Delhi Bench of the Income Tax Appellate Tribunal has held that once additions have been made under the Black Money Act, the same additions cannot be made under the Income Tax Act on the same set of facts.The bench of C.N. The Delhi Bench of the Income Tax Appellate Tribunal has held that once additions have been made under the Black Money Act, the same additions cannot be made under the Income Tax Act on the same set of facts. The AO held that proceedings under the Black Money and imposition of the Tax Act 2015 have also been initiated after examining the details, including the information relating to the incorporation of the BVI company Everbez Business Inc. The department contended that the additions made under the Black Money Act are subjudice before the first appellate authority and that to safeguard the interests of revenue, a protective addition has been made under the Income Tax Act.