https://www.taxtmi.com/caselaws?id=438448 ITAT KOLKATA - AT held that additions under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 were unwarranted. The assessee satisfactorily proved the source of insurance-premium payments as foreign income (partly paid by a non-resident relative), showed bank evidence, and explained discontinuation of premiums; surrender proceeds were later received in India and disclosed with tax paid. As the statutory conditions for treating the policies as undisclosed foreign assets under section 2(11) were not met, the Tribunal reversed the AO/CIT(A) and deleted the additions. en-us Thu, 02 Feb 2023 00:00:00 +0530 Tue, 07 Oct 2025 10:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=438448 ITAT KOLKATA - AT held that additions under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 were unwarranted. The assessee satisfactorily proved the source of insurance-premium payments as foreign income (partly paid by a non-resident relative), showed bank evidence, and explained discontinuation of premiums; surrender proceeds were later received in India and disclosed with tax paid. As the statutory conditions for treating the policies as undisclosed foreign assets under section 2(11) were not met, the Tribunal reversed the AO/CIT(A) and deleted the additions. Case-Laws Income Tax Thu, 02 Feb 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=438448