Addition Made as Undisclosed Foreign Income and Asset under Black Money Act not Repeated Under Income Tax Act: ITAT

The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) ruled that any addition made as undisclosed foreign income and assets under the Black Money Act (BMA) should not be repeated under the Income Tax Act, 1961. This decision came in the case of Captain Vilas, where information from the Singapore Tax Authorities led to the addition of undisclosed foreign income. The ITAT emphasized that the BMA and the Income Tax Act serve different purposes and should not overlap in penalizing the same income. The tribunal directed the assessee to submit the requisite declaration for undeclared foreign assets, ensuring compliance with the BMA while avoiding double taxation under the Income Tax Act.