| COURT: | ITAT Mumbai |
| CORAM: | Joginder Singh (JM), N. K. Billaiya (AM) |
| SECTION(S): | 4 |
| GENRE: | Domestic Tax |
| CATCH WORDS: | Black Money, discretionary trust, foreign bank account |
| COUNSEL: | Dr. K. Shivram |
| DATE: | October 31, 2014 (Date of pronouncement) |
| DATE: | November 10, 2014 (Date of publication) |
| AY: | 2002-03 |
| FILE: | Click here to view full post with file download link |
| CITATION: | |
| Information received by the AO that the assessee is a beneficary in a "discretionary" trust set up in Liechtenstein can form the basis of assessment of undisclosed income in the assessee's hands. Argument that the trust is "discretionary" and that the amount has not "accrued" to him or that the documents are "not corroborated" is not acceptable | |
(i) There is no substance in the assertion of the assessee that the reopening of assessment was bad, without following the due process of law or violation of principle of natural justice. The assessment was reopened because a tax-evasion petition …
Recent Comments