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Black Money - Beneficial ownership - undisclosed foreign income/asset - The ITAT recognized that the investments were either made by the assessee's son or were explained by loans from banks, and not by the assessee himself. Consequently, it was held that the assessee was not the beneficial owner of the trusts in question and had not made any undisclosed foreign investments. - The held that, the allegation that, because the assessee is a settlor of the trust, he remains principal beneficiary is totally incorrect and devoid of merits, more particularly in the context when other trustee are managing the affairs of the trust and also beneficial owners of trust properties.
Black Money - Beneficial ownership - undisclosed foreign income/asset - The ITAT recognized that the investments were either made by the assessee's son or were explained by loans from banks, and not by the assessee himself. Consequently, it was held that the assessee was not the beneficial owner of the trusts in question and had not made any undisclosed foreign investments. - The held that, the allegation that, because the assessee is a settlor of the trust, he remains principal beneficiary is totally incorrect and devoid of merits, more particularly in the context when other trustee are managing the affairs of the trust and also beneficial owners of trust properties.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
