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