Black Money Act · Panaji, Goa
Expert defence in an assessment under the Black Money Act in Goa — when the Assessing Officer issues a Section 10 notice on undisclosed foreign income or assets, we contest jurisdiction, the assessment year and the additions, so a 30% tax-and-penalty exposure is reduced or quashed.
Overview
The Black Money (Undisclosed Foreign Income and Assets) Act, 2015 lets the Assessing Officer assess undisclosed foreign income and assets at a flat 30% with no deductions or exemptions, starting with a notice under Section 10(1). If you do not comply, the officer can complete a best-judgment assessment ex-parte — and the assessment must ordinarily be completed within two years (Section 11).
These assessments turn heavily on technical correctness. Courts have quashed assessments where the Section 10 notice cited the wrong assessment year, because the asset is deemed acquired in the year the notice is issued. We examine jurisdiction, the AY, valuation and the source explanation, and defend you through to appeal where needed. It pairs with our cross-border tax services.
What's covered
Complete defence of a Black Money Act assessment.
Get a fixed-fee quote →Examining jurisdiction, the assessment year and the basis of the notice.
Building the explanation of the source of investment in the asset.
Contesting the fair market value used to compute the tax.
Responding before an ex-parte order is passed under Section 10.
Verifying the two-year completion limit under Section 11.
Appearing and making submissions before the Assessing Officer.
Our process
We check the Section 10 notice, AY and jurisdiction.
We assemble the source explanation and valuation defence.
We reply and appear before the Assessing Officer.
We contest the assessment and carry it to appeal if adverse.
Frequently asked questions
Under Section 10 of the Black Money Act, the Assessing Officer can assess or reassess undisclosed foreign income and assets after serving a notice requiring you to produce accounts, documents and evidence. The income or asset is taxed at a flat 30% with no deductions, so a sound defence at this stage is critical.
Undisclosed foreign income and the value of undisclosed foreign assets are charged to tax at a flat rate of 30%, and no deduction, exemption or set-off is allowed. An asset is generally valued at its fair market value, which is why valuation is often a key battleground in these assessments.
Because an undisclosed foreign asset is deemed acquired in the year the Section 10 notice is issued, a notice citing the wrong assessment year is a jurisdictional defect. Tribunals have quashed assessments on this ground alone, so we check the assessment year first.
If you fail to comply with the Section 10 notice, the officer can, after giving you an opportunity, assess the undisclosed foreign income and assets to the best of his judgment and determine the tax payable. Responding properly and in time is the way to avoid an inflated ex-parte order.
Yes. Under Section 11, an assessment or reassessment generally cannot be made after two years from the end of the financial year in which the Section 10 notice was issued, subject to certain exclusions. We verify whether your assessment is within time.
Yes. An assessment order can be appealed to the Commissioner (Appeals) and onward to the Income Tax Appellate Tribunal, the High Court and the Supreme Court. We build the assessment record so any appeal starts from strength.
Book a free consultation and share your Section 10 notice and details of the foreign asset. We review jurisdiction and the assessment year, build your defence and represent you before the Assessing Officer, on a transparent fee.
Related services
Book a free consultation with a qualified Chartered Accountant in Goa. We'll review the Section 10 notice and build your defence — no obligation.