DHANASHREE RAVINDRA PANDIT Vs. INCOME TAX DEPARTMENT

JUDGEMENT

(1.) Conglomeration of these cases call in question proceedings in different criminal cases all for the offence punishable under Sec. 50 of the Black Money (Undisclosed Foreign Income and Assets) Imposition of Tax Act, 2015 (hereinafter referred to as 'the Act' for short). The petitioners, in all these cases, are office bearers of certain business establishments who have been charged with the allegation of violation of the provisions of the Act. For the sake of convenience, the facts obtaining in Criminal Petition No.101368 of 2019, which are common to all the other petitions, would be noticed.

(2.) Heard Sri Sangram S. Kulkarni, learned counsel appearing for the petitioners and Sri Y.V. Raviraj, learned counsel appearing for the respondent.

(3.) Facts adumbrated are as follows:- During the financial year 2007-08 and in specific on 17/3/2008 Gleaming Snow Worldwide Limited was incorporated as a British Virgin Island ('BVI') Company. On 12/5/2009 Oriental Success Universal Corporation ('Corporation' for short) gets incorporated as a BVI Company. On 12/6/2009 bank account of Oriental Success Universal Corporation is opened in UBS, Singapore. The bank account opening form submitted by the Corporation included 'Know Your Customer' documents and declaration of beneficial owner's identity in terms of laws prevailing in Singapore. The Gleaming Snow Worldwide Limited which was incorporated on 17/3/2008 is struck off at BVI. On 2 dates in the financial year 2010-11 i.e., on 8/1/2010 and 16/3/2010 an amount of US$16,000 and US$40,000 is credited to the Corporation's account. After the closure of the financial year, the bank account with UBS, Singapore is closed. The Corporation also gets struck off at BVI on 2/11/2010.