The ITAT considered the issue of undisclosed foreign income and assets allegedly layered through paper...

The ITAT considered the issue of undisclosed foreign income and assets allegedly layered through paper companies. The Black Money Act definitions were reviewed. Evidence showed the foreign company was legitimate, with taxes paid. The investment source was explained, with funds channeled through authorized banks. The assessment focused only on credit entries, overlooking legitimate business transactions. The assessee's explanations and documentation proved lawful sources of funds. No undisclosed assets or foreign income were found, leading to the CIT(A) deleting the addition. The Revenue's appeal was dismissed. .....

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