ITAT Holds Deposits in Foreign Companies’ Bank Accounts Cannot Be Taxed as Shareholder’s Unexplained Money :
The Income Tax Appellate Tribunal (ITAT), Mumbai, has held mere shareholding, directorship or authority to operate foreign bank accounts is insufficient to invoke Section 69A in the absence of evidence linking the funds to the assessee.
ITAT Deletes Addition Under Section 69A and Penalty Under Section 271(1)(c)
Saima
Jul 5, 2026Premium
ITAT Holds Deposits in Foreign Companies’ Bank Accounts Cannot Be Taxed as Shareholder’s Unexplained Money
The Income Tax Appellate Tribunal (ITAT), Mumbai, has held mere shareholding, directorship or authority to operate foreign bank accounts is insufficient to invoke Section 69A in the absence of evidence linking the funds to the assessee.
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Saima
Content Writer
Saima is a Law graduate with a passion for research and content writing. She writes for Finance, Taxation and Legal Updates at Studycafe.in, simplifying complex legal decisions by the ITAT, High Court, AAR and GSTAT into uncomplicated and clear explanations.
StudyCafe
Delhi, Delhi, India
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