ITAT upheld deletion of additions under s.10(3) of the BMA and...

ITAT upheld deletion of additions under s.10(3) of the BMA and associated penalties under ss.41/43, holding that contemporaneous documents and the assessee's un-retracted s.132(4) statement, corroborated by a third party's affidavit, balance sheets and correspondence found during search, established that credits in foreign entities' bank accounts were withdrawn solely by the third party and not by the assessee. The Tribunal applied the presumptions under s.132(4A) read with s.292C, found them unrebutted, and concluded the foreign companies were distinct legal entities; accordingly the bank account proceeds could not be taxed in the hands of the assessee. Other BMA challenges were left open as unnecessary.