evidence: The Union Government enacted the Black Money (Undisclosed Foreign Income and Assets) Imposition of Tax Act, 2015 (‘the BMA’) on 1st July 2015. The Act sought to deal with the issue of evasion of taxes in India by Indian tax residents having undisclosed foreign assets and income.The Union Government enacted the Black Money (Undisclosed Foreign Income and Assets) Imposition of Tax Act, 2015 (‘the BMA’) on 1st July 2015. The Act sought to deal with the issue of evasion of taxes in India by Indian tax residents having undisclosed foreign assets and income. [...] Keshav Singhania, Head - Private Client, Singhania & Co. said, "In a pivotal ruling, the Karnataka High Court in the case of Dhanashree Ravindra Pandit vs. the Income Tax Department, addressed the issues concerning retrospective applicability of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 ("Act"). This ruling is one of the first to invoke Article 20 of the Indian Constitution in the context of this Act. The Black Money Act, a special statute targeting undisclosed foreign assets, imposes strict provisions and penalties on individuals who failed to utilize the government’s one-time disclosure window, which allowed a 60% tax on the value of undisclosed foreign assets. It is crucial to acknowledge that this Act is not applicable to individuals deemed to be residents under Section 6(1A), as they are considered residents but not ordinarily residents."