https://www.taxtmi.com/caselaws?id=795507 Foreign bank credits supported by unrebutted affidavits and corroborative material cannot be treated as undisclosed foreign income or assets merely on suspicion. Where revenue does not meaningfully investigate the stated sources or cross-examine deponents, the requirement of an unexplained asset is not met, requiring deletion of the additions. The deeming fiction under section 72(c) applies only to undeclared foreign assets acquired before the enactment commenced and cannot be extended to prior-year income components, including bank interest, dividends, redemption gains, or consultancy receipts. The Black Money regime separately addresses undisclosed foreign income and undisclosed foreign assets. en-us Thu, 18 Jun 2026 00:00:00 +0530 Thu, 23 Jul 2026 08:42:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=795507 Foreign bank credits supported by unrebutted affidavits and corroborative material cannot be treated as undisclosed foreign income or assets merely on suspicion. Where revenue does not meaningfully investigate the stated sources or cross-examine deponents, the requirement of an unexplained asset is not met, requiring deletion of the additions. The deeming fiction under section 72(c) applies only to undeclared foreign assets acquired before the enactment commenced and cannot be extended to prior-year income components, including bank interest, dividends, redemption gains, or consultancy receipts. The Black Money regime separately addresses undisclosed foreign income and undisclosed foreign assets. Case-Laws Income Tax Thu, 18 Jun 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=795507