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Section 27 of The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 in hindi

Amendment of assessment on appeal.

Where as a result of an appeal under section 15 or section 18, any change is made in the assessment of a body of individuals or an association of persons or an order for new assessment of a body of individuals or an association of persons is made, the Commissioner (Appeals) or the Appellate Tribunal, as the case may be, shall pass an order authorising the Assessing Officer either to amend the assessment made or make a fresh assessment on any member of the body or association.

Summary

This rule applies when a group of people, like a firm or an association, wins an appeal.
If the appeal changes the tax for the group, it also affects the individual members.
The Commissioner (Appeals) or the Tribunal can order changes to individual assessments.
The tax official, known as the Assessing Officer, must then update the tax for each member.
This ensures that individual tax records match the final decision made for the group.

Practical examples

1"The Global Investors Group" is an association of four people. They win an appeal in the Tribunal which reduces their total group tax. Under the Black Money Act, the Tribunal orders the tax official to also lower the tax amounts for all four individual members to reflect this win.

2A body of individuals has its foreign assets reassessed by the Commissioner (Appeals). The new order says the group owes more tax. Following Section 27 of the tax law, the Commissioner orders the local tax officer to make fresh assessments for each member of that group.

FAQ

1. What happens if an association wins an appeal under Section 27 of The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015?

Under Section 27 of the Black Money Act, if an appeal results in a change for the association, the higher authority orders the tax officer to update the assessments of the individual members.

2. Which authorities can issue an order under Section 27 of the Black Money Act?

Either the Commissioner (Appeals) or the Appellate Tribunal can issue this order following an appeal under Sections 15 or 18 of the Black Money Act.

3. Who carries out the actual amendment of the individual's tax under Section 27 of the Black Money Act?

The Assessing Officer, who is the official in charge of the case, carries out the amendment or fresh assessment based on the order issued under Section 27 of the Black Money Act.

Test yourself

Q1.Under Section 27 of The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, which entities are specifically mentioned as being subject to these assessment changes?

Q2.According to Section 27 of the Black Money Act, an order to amend a member's assessment can be triggered by an appeal under which other sections?

Q3.Who is authorized to pass an order to amend an assessment under Section 27 of the Black Money Act?

Q4.Under Section 27 of the Black Money Act, what specific action does the Assessing Officer take regarding a member of a group?

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