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he issue raised by the petitioners that they were statutorily barred from making declaration under Section 59 of the Black Money Act was not an issue inGautam Khaitan (supra).It is another matter that in the income tax proceedings petitioners had not disclosed any black money or asset; rather have denied the same.
44. In such circumstances and taking an overall view of the matter, we feel that while respondents may proceed pursuant to the impugned notices dated December 20, 2017, no coercive measures may be taken against the petitioners if the occasion so arises. 45. Ordered accordingly. 46. Further, we are of the view that an early hearing of the related writ petition is called for. Accordingly, Registry is directed to place the matter on board after the ensuing summer vacation for fixing a date of hearing.

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Sec. 147 of Income Tax Act, 1961— Reassessment - The notice of motion has been sought for by the petitioners for stay of impugned notice dated 20.12.2017 as well as subsequent notices issued under the provisions of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 pending final hearing and disposal of the writ petition. A reading of Section 72 (c) may indicate that provisions of the Black Money Act have been given retrospective operation. This is also a highly debatable issue since the Black Money Act contains provisions for imposition of penalty and for initiation of prosecution. While respondents may proceed pursuant to the impugned notices dated December 20, 2017, no coercive measures may be taken against the petitioners if the occasion so arises. An early hearing of the related writ petition is called for. Registry is directed to place the matter on board after the ensuing summer vacation for fixing a date of hearing. Notice of motion is discharged. - ANILA RASIKLAL MEHTA V/s UOI - [2020] 425 ITR 545 (BOM)