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)

SaimaJul 5, 2026

Last update on Jul 4, 2026