Central Government in consultation with the Chief Justice of the High Court of Jharkhand designates the special economic offence court to curb black money.
Black money refers to money that has been illegally earned, undeclared, or untaxed. It can include income from illicit activities, tax evasion, bribery, corruption, and other forms of illegal financial transactions. Black money poses significant challenges to the economy, leading to loss of tax revenue, economic inequality, and distortions in various sectors. Governments around the world are taking measures to curb black money and promote transparency in financial transactions. The designation of special economic offense courts, as mentioned in the notification you provided, is one such step taken by the Central Government in consultation with the Chief Justice of the High Court of Jharkhand to address this issue.
This notification was issued by the Central Board of Direct Taxes (CBDT) via notification no. 42/2023 dated 14th June 2023.
MINISTRY OF FINANCE
(Department Of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
New Delhi, the 15th June, 2023
S.O. 2661(E).—In exercise of the powers conferred by sub-section (1) of section 280A of the Income-tax Act, 1961 (43 of 1961) read with section 84 of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (22 of 2015), the Central Government, in consultation with the Chief Justice of the High Court of Jharkhand, hereby designates the following Courts in the State of Jharkhand, as mentioned in column (2) of the Table below, as Special Courts for the areas mentioned in column (3) of the said Table, for the purposes of subsection (1) of section 280A of the Income-tax Act, 1961 and section 84 of the Black Money (Undisclosed Foreign
Income and Assets) and Imposition of Tax Act, 2015, namely:-
|1||Special Court (Economic Offences), Ranchi||Ranchi, Lohardaga, Gumla, Simdega, Khunti,Palamau, Latehar, andGarhwa.|
|2||Special Court (Economic Offences),|
|East Singhbhum, West Singhbhum, and SeraikellaKharsawan.|
|3||Special Court (Economic Offences), Dhanbad||Dhanbad, Bokaro, Giridih, Hazaribagh, Ramgarh,|
Koderma, Chatra, Dumka, Deoghar, Godda, Pakur,
Jamtara, and Sahebganj.
[F. No. 285/08/2023-IT(Inv.V)/CBDT Notification No. 42/2023 dated 15/06/2023]DEEPAK TIWARI, Commissioner of Income Tax(OSD) (INV.), CBDT