https://www.taxtmi.com/caselaws?id=754910 ITAT Kolkata dismissed revenue's appeal regarding black money additions under Black Money Act, 2015. Assessing Officer had added amounts treating investment in foreign company RBGPL and funds remitted to Singapore as undisclosed foreign assets. CIT(A) deleted additions finding investment made from declared income sources. ITAT upheld CIT(A)'s decision, noting assessee explained investment sources satisfactorily, RBGPL was legitimate Singapore company paying taxes, and fund remittances were for genuine business transactions through proper banking channels. Court found no undisclosed foreign assets or income under sections 2(11) and 2(12) of Black Money Act. en-us Tue, 25 Jun 2024 00:00:00 +0530 Tue, 02 Jul 2024 13:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=754910 ITAT Kolkata dismissed revenue's appeal regarding black money additions under Black Money Act, 2015. Assessing Officer had added amounts treating investment in foreign company RBGPL and funds remitted to Singapore as undisclosed foreign assets. CIT(A) deleted additions finding investment made from declared income sources. ITAT upheld CIT(A)'s decision, noting assessee explained investment sources satisfactorily, RBGPL was legitimate Singapore company paying taxes, and fund remittances were for genuine business transactions through proper banking channels. Court found no undisclosed foreign assets or income under sections 2(11) and 2(12) of Black Money Act. Case-Laws Income Tax Tue, 25 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=754910