https://www.taxtmi.com/caselaws?id=770230 ITAT Delhi ruled in favor of assessee regarding overseas property ownership through BVI company. Court held that lifting corporate veil was unjustified as assessee lacked beneficial interest in company assets. Properties were legitimately owned by company, which paid UK's Annual Tax on Enveloped Dwellings. No evidence showed undisclosed investment or tax avoidance intent, particularly since company incorporation predated beneficial ownership provisions. Court deleted all additions under Income Tax Act and Black Money Act, finding no assessable income in assessee's hands from overseas company assets. en-us Tue, 29 Apr 2025 00:00:00 +0530 Thu, 08 May 2025 09:13:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=770230 ITAT Delhi ruled in favor of assessee regarding overseas property ownership through BVI company. Court held that lifting corporate veil was unjustified as assessee lacked beneficial interest in company assets. Properties were legitimately owned by company, which paid UK's Annual Tax on Enveloped Dwellings. No evidence showed undisclosed investment or tax avoidance intent, particularly since company incorporation predated beneficial ownership provisions. Court deleted all additions under Income Tax Act and Black Money Act, finding no assessable income in assessee's hands from overseas company assets. Case-Laws Income Tax Tue, 29 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=770230