https://www.taxtmi.com/caselaws?id=767409 The ITAT Kolkata ruled in favor of the assessee in Black Money Act proceedings regarding alleged beneficial ownership of undisclosed foreign assets. The AO relied solely on uncertified bank documents received through DTAA information exchange without verifying authenticity. The assessee denied under oath any connection to the foreign bank accounts. The tribunal held that uncertified foreign bank statements without proper certification under the Banker's Book Evidence Act 1891 were inadmissible as evidence. The revenue failed to corroborate the unauthenticated documents with other evidence to establish beneficial ownership. The appellate order was set aside, finding no undisclosed foreign assets. en-us Tue, 07 Jan 2025 00:00:00 +0530 Tue, 18 Mar 2025 08:35:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=767409 The ITAT Kolkata ruled in favor of the assessee in Black Money Act proceedings regarding alleged beneficial ownership of undisclosed foreign assets. The AO relied solely on uncertified bank documents received through DTAA information exchange without verifying authenticity. The assessee denied under oath any connection to the foreign bank accounts. The tribunal held that uncertified foreign bank statements without proper certification under the Banker's Book Evidence Act 1891 were inadmissible as evidence. The revenue failed to corroborate the unauthenticated documents with other evidence to establish beneficial ownership. The appellate order was set aside, finding no undisclosed foreign assets. Case-Laws Income Tax Tue, 07 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=767409