Black Money Act: CBDT seeks speedy framework
Allows AO to issue the notice preferably within 30 days from the end of the previous year to have more expeditious and efficient administrative framework for implementation of the BM Act to deal with undisclosed foreign assets cases
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New Delhi: Considering the objective of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (BM Act), the assessment is to be completed at the earliest possible without keeping the same pending till the time barring date, the Central Board of Direct Taxes (CBDT) said in a set of guidelines issues earlier.
Before passing the assessment order, show cause notice would be issued by DDIT (Inv)/ADIT (lnv)/AO concerned to the assessee within 30 days of receipt of substantial information from all sources including relevant foreign jurisdiction(s) and completion of such further inquiries as may be required.
Thereafter, the DDIT (Inv.)/ADIT (Inv) concerned as AO should put up a draft of the assessment order for administrative approval of Additional DIT (Inv)/JDIT (lnv) concerned within 30 days of receipt of the assessee's reply or elapse of the time allowed for the assessee's reply under the show cause notice where there is no response from the assessee's side, whichever is earlier, the guidelines said.
