ITAT Upholds Tax Demand for Undisclosed Dubai Bank Account, UAE Shares Under Black Money Act

Summary

The Income Tax Appellate Tribunal (ITAT) has upheld a tax demand under the Black Money Act for an undisclosed Dubai bank account and UAE shares. The tribunal noted that Section 3 of the Act allows for taxation of an undisclosed foreign asset in the year it comes to the Assessing Officer's notice.