https://www.taxtmi.com/caselaws?id=795507 Foreign bank credits supported by affidavits and corroborative material cannot be treated as undisclosed foreign income or assets merely on suspicion where the explanations are not meaningfully investigated or rebutted through cross-examination or evidence. The notes state that the requirement of an unexplained asset is therefore not met. The deeming fiction under section 72(c) is confined to undeclared foreign assets acquired before the enactment's commencement and cannot be extended to prior-year income components, including bank interest, dividends, redemption gains, or consultancy receipts. The stated effect is deletion of additions relating to the foreign bank credits under the Black Money regime. 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 affidavits and corroborative material cannot be treated as undisclosed foreign income or assets merely on suspicion where the explanations are not meaningfully investigated or rebutted through cross-examination or evidence. The notes state that the requirement of an unexplained asset is therefore not met. The deeming fiction under section 72(c) is confined to undeclared foreign assets acquired before the enactment's commencement and cannot be extended to prior-year income components, including bank interest, dividends, redemption gains, or consultancy receipts. The stated effect is deletion of additions relating to the foreign bank credits under the Black Money regime. Case-Laws Income Tax Thu, 18 Jun 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=795507