https://www.taxtmi.com/caselaws?id=413505 The ITAT upheld the CIT(A)'s decision to delete the addition of Rs. 5,30,92,953/- by the AO, as the respondent had no beneficial interest in Blueridge Investment Corporation or its bank account. The respondent's non-resident status for AY 2006-07 exempted his foreign income from Indian taxation. The reopening of assessment under Section 147 was deemed unjustified due to lack of evidence of undisclosed income. The Revenue's appeal was dismissed, emphasizing the department's failure to prove the respondent's beneficial interest in the foreign accounts. en-us Fri, 01 Oct 2021 00:00:00 +0530 Thu, 28 Oct 2021 15:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=413505 The ITAT upheld the CIT(A)'s decision to delete the addition of Rs. 5,30,92,953/- by the AO, as the respondent had no beneficial interest in Blueridge Investment Corporation or its bank account. The respondent's non-resident status for AY 2006-07 exempted his foreign income from Indian taxation. The reopening of assessment under Section 147 was deemed unjustified due to lack of evidence of undisclosed income. The Revenue's appeal was dismissed, emphasizing the department's failure to prove the respondent's beneficial interest in the foreign accounts. Case-Laws Income Tax Fri, 01 Oct 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=413505