https://www.taxtmi.com/caselaws?id=409483 ITAT (Delhi) upheld the CIT(A)'s deletion of a Rs. 56,647,000 addition under the Black Money Act, finding the assessee was not the beneficial owner of a foreign bank account held by a foreign company. Applying tests under the Companies Act, Benami Act and PMLA rules, the tribunal found no shareholding, control, management rights, consideration or other evidence linking the assessee to the account; funds traced to a related family-owned entity. Mere mention of the assessee on account-opening documents, rebutted by affidavit and ownership records, was insufficient for taxability. en-us Wed, 07 Jul 2021 00:00:00 +0530 Tue, 07 Oct 2025 10:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=409483 ITAT (Delhi) upheld the CIT(A)'s deletion of a Rs. 56,647,000 addition under the Black Money Act, finding the assessee was not the beneficial owner of a foreign bank account held by a foreign company. Applying tests under the Companies Act, Benami Act and PMLA rules, the tribunal found no shareholding, control, management rights, consideration or other evidence linking the assessee to the account; funds traced to a related family-owned entity. Mere mention of the assessee on account-opening documents, rebutted by affidavit and ownership records, was insufficient for taxability. Case-Laws Income Tax Wed, 07 Jul 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=409483