📘 Black Money (Undisclosed Foreign Income & Assets) and Imposition of Tax Act | 4th Edition (2025)
✒️ Authored by Dr. Raj K. Agarwal & Dr. Rakesh Gupta, this comprehensive commentary from Taxmann delivers authoritative guidance on India's Black Money Act—a distinct law targeting undisclosed foreign assets and income. Amended by the Finance Act 2025, it offers critical insights, updated legal positions, and expert commentary for tax professionals, legal advisors, and HNWIs navigating compliance and risk.

🔍 Key Highlights:

• ⚖️ Complete Legal Framework – Detailed analysis of provisions related to chargeability, assessment, penalty, prosecution, valuation, and appeals

• 📑 Finance Act 2025 Ready – Incorporates latest amendments, CBDT Circulars, Notifications, and updated Forms (1–8)

• 💼 Expert Authors – Decades of tax law experience inform sharp, practical interpretations and solutions

• 🔍 Case-Based Approach – Realistic case studies, FAQs, and litigation issues clarify grey areas and legal dilemmas

• 📊 Valuation Insights – Includes rules and procedures for valuing complex foreign assets, with FMV illustrations

• 📚 Extensive Cross-Referencing – Links to Income-tax Act, Companies Act, CPC, IPC, etc., for a wider legal perspective

👥 Who Should Read This Book:

• 📑 Chartered Accountants & Tax Professionals – For practical application of assessment, penalty, and prosecution provisions

• ⚖️ Advocates & Corporate Lawyers – To understand procedural safeguards, litigation trends, and client defence strategies

• 🏢 CFOs, Finance & Compliance Officers – For tackling obligations linked to foreign assets, residency transitions, and risk management

• 📚 Academicians & Students – Ideal for research and teaching on tax evasion and international compliance laws

• 🌍 Business Owners & HNWIs – To grasp disclosure obligations, avoid missteps, and plan foreign investments responsibly

📖 Coverage Includes:

🏛️ Legislative Purpose & Scope

• Historical rationale for separate legislation outside the Income-tax Act, 1961

• Disclosure obligations for resident individuals, particularly those shifting from NRI to ROR status

• Definitions & scope of undisclosed foreign income and assets

🧾 Assessment & Reassessment (Secs. 10–14)

• No limitation period for initiating assessments

• Notice procedures, satisfaction recording, and approval requirements

⚠️ Penalties, Recovery & Prosecution

• Recovery tools: attachment, garnishee orders, cross-border recovery

• Harsh penalties (Secs. 41–47): minimum amounts, legal defences, compounding

• Prosecution provisions (Secs. 48–58): abetment charges, evidence burdens, interplay with other laws

💰 Valuation Rules

• FMV concepts for different asset types (bank accounts, shares, real estate)

• Rule-based valuation with procedural compliance and date mechanics

📋 Appeal & Revision (Secs. 15–29)

• Multi-tiered appellate structure with time limits, condonation, and powers of forums

🧩 Practical Scenarios & FAQs

• Embedded examples for asset valuation, penalty mitigation, appeal filing, and NRI-to-ROR transitions

📎 Appendices & Legal References

• Forms (1–8), consolidated CBDT circulars, official notifications

• References to other Acts like CPC, IPC, LLP Act, aiding contextual understanding

📌 Book Structure:

• Introductory Framework – Legislative intent and background

• Section-by-Section Commentary – Notes, significant issues, and interpretations for each provision

• Valuation & Compliance Chapters – Step-wise compliance for valuation and disclosures

• FAQs & Case-Based Guidance – Spread across chapters to address common pitfalls

• Comprehensive Appendices – One-stop legal repository for forms, rules, and circulars