Court Rules Name on Account Form Alone Doesn't Prove Beneficial Ownership Under Black Money Act, 2015.

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....Black Money Undisclosed Foreign Income And Assets And Imposition Of Tax Act, 2015 - Sole beneficiary of the Foreign Account - Merely mentioning the name of the assessee in the account opening form which is rebutted by the assessee by filing an affidavit and complete details of the ownership of the bank account, the assessee cannot be held the beneficial owner of such sum. Therefore, such solitary fact cannot lead to addition in the hence of the assessee where there is no other evidence available with respect to the ownership or beneficial ownership over such bank account. - AT....