https://www.taxtmi.com/caselaws?id=464831 Trust funds in foreign bank accounts were not assessable as the assessee's undisclosed income where the trust deed, beneficiary details, bank material and beneficiary affidavit showed non-resident family sources and third-party beneficiaries, and the department failed to trace any direct money trail to the assessee or prove real ownership or beneficial interest. A fiduciary role as trustee, protector or signatory was insufficient by itself. The separate addition for payment to the assessee's nephew also failed because the explanation was supported by the will and fund-flow records from the HUF account. Once the substantive additions were deleted, the consequential penalty could not survive. en-us Fri, 30 May 2025 00:00:00 +0530 Fri, 14 Nov 2025 18:05:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=464831 Trust funds in foreign bank accounts were not assessable as the assessee's undisclosed income where the trust deed, beneficiary details, bank material and beneficiary affidavit showed non-resident family sources and third-party beneficiaries, and the department failed to trace any direct money trail to the assessee or prove real ownership or beneficial interest. A fiduciary role as trustee, protector or signatory was insufficient by itself. The separate addition for payment to the assessee's nephew also failed because the explanation was supported by the will and fund-flow records from the HUF account. Once the substantive additions were deleted, the consequential penalty could not survive. Case-Laws Income Tax Fri, 30 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=464831