https://www.taxtmi.com/caselaws?id=794541 Deposits in the bank accounts of separate foreign companies could not be assessed as unexplained money in the assessee's hands under section 69A absent cogent evidence of beneficial ownership, direct flow of funds, or proof that the entities were a mere facade. Past shareholding, directorship, or authority to operate accounts was held insufficient, and the assessee's explanation supported by confirmations was accepted. The related penalty under section 271(1)(c) also could not survive once the quantum addition was deleted, because it rested entirely on the same addition. The Revenue's appeals were dismissed and the deletions were left undisturbed. en-us Wed, 01 Jul 2026 00:00:00 +0530 Tue, 07 Jul 2026 08:39:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=794541 Deposits in the bank accounts of separate foreign companies could not be assessed as unexplained money in the assessee's hands under section 69A absent cogent evidence of beneficial ownership, direct flow of funds, or proof that the entities were a mere facade. Past shareholding, directorship, or authority to operate accounts was held insufficient, and the assessee's explanation supported by confirmations was accepted. The related penalty under section 271(1)(c) also could not survive once the quantum addition was deleted, because it rested entirely on the same addition. The Revenue's appeals were dismissed and the deletions were left undisturbed. Case-Laws Income Tax Wed, 01 Jul 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=794541