ACIT v. Jatinder Mehra (2021) 212 TTJ 681 (Delhi) ( Trib)

Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015

S. 2(11): Asset located outside India -b Beneficial interest – Notice issued to assessee and order passed making addition on account of amount received in bank account where assessee is allegedly beneficial owner-Assessee not liable to be taxed. [ S. 5, 10(3) Companies Act, 2013 , S. 89(10), 90 (1)]

The assessee cannot be held to be beneficial owner of the amounts lying in the bank account merely because its name appears as beneficial owner in the account opening form along with passport for identification. In the absence of corroborative evidence addition under the Act cannot be sustained. The money does not belong to the assessee but the son of the assessee on account of voluminous evidence produced in that regard.(AY.  2016-2017)