Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding
  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights March 2025 Year 2025 This

In a case concerning alleged undisclosed foreign assets under ...


Tax Authorities Cannot Rely on Uncertified Foreign Bank Documents to Prove Undisclosed Assets Under Black Money Act

March 18, 2025

Case Laws     Income Tax     AT

In a case concerning alleged undisclosed foreign assets under the Black Money Act, the ITAT ruled in favor of the assessee. The Tribunal found that the AO had relied solely on uncertified documents received from a foreign government under DTAA without verifying their authenticity. The assessee had categorically denied any connection with the foreign bank accounts during sworn testimony. The ITAT emphasized that under the Banker's Book Evidence Act 1891, bank records must be properly certified to be admissible as evidence. Without authenticated copies or corroborating evidence, the revenue failed to establish the assessee's beneficial ownership of foreign assets. Consequently, the appellate order was set aside.

View Source

 


 

You may also like:

  1. Service tax liability on foreign bank charges and finance costs paid in foreign currency. It discusses the absence of a service provider-recipient relationship between...

  2. The appellants received services from AFL, Hong Kong during export realization, including a 3% fee and specified charges for transferring money to their accounts....

  3. Addition made u/s 153A on account of undisclosed foreign bank account and interest income thereon - assessee confronted with client profiles from HSBC Bank showing...

  4. Proposed amendment enables recovery of existing liabilities under Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 from seized assets...

  5. Undisclosed interest income - search & seizure u/s 132 - dump documents relied upon - AO has invoked the provisions u/s 292C that there is a presumption that the...

  6. CBDT launches e-portal for filing complaints regarding tax evasion/Benami Properties/Foreign Undisclosed Assets - News

  7. Levy of service tax on services received from foreign bank - The Tribunal determined that the appellant was not receiving any direct services from the foreign banks that...

  8. The summary highlights the key difference between the scope of total income under the Income Tax Act and the Black Money (Undisclosed Foreign Income and Assets) and...

  9. CESTAT determined no service tax liability existed under Reverse Charge Mechanism for payment processing services from AFL and foreign banks. The tribunal found no...

  10. Dishonor of Cheque - presumption of innocence - On bare perusal of provisions of Sections 91 and 311 of CrPC, it apparent that non-affixing of seal over the documents is...

  11. Reverse charge mechanism - Banking & other financial services - recipient of services or not - services provided by the Foreign Banks situated outside India - The...

  12. The case involved a dispute u/s business auxiliary services and reverse charge mechanism for foreign bank charges. The Appellate Tribunal held that since the appellant...

  13. Assessee's claim for foreign tax credit u/s 90 allowed despite delay in filing Form No. 67 after due date of filing return u/s 139(1). Delay in filing Form 67 cannot...

  14. Banks failed to exercise due diligence by opening letters of credit and remitting foreign exchange despite non-submission of bills of entry and other mandatory documents...

  15. Assessment u/s 153C - Undisclosed investment u/s 69 r.w.s 115BBE - Whether incriminating material belonging to Assessee found during the course of search on the basis of...

 

Quick Updates:Latest Updates