Allowing the appeal of the assessee the Tribunal held that; If the assessee is a discretionary beneficiary of the HSBC Bank Account and is not the owner, addition u/s 69A cannot be sustained-In the case of a discretionary trust, the income of the trust cannot be added in the hands of the beneficiary. The trustees are the representative assessees who are liable to be taxed for the income of the trust. (ITA Nos.6065 & 6066/Mum/2014, dt. 31.10.2018)(2006–2007, 2007-08)
Deepak B. Shah v. ACIT ( 2019( 174 ITD 237 / 176 DTR 82/ 198 TTJ 355 ( Mum.)(Trib.), www.itatonlie.org Kunal N. Shah v. ACIT (2019) 176 DTR 82 /174 ITD 237/ 198 TTJ 355 (Mum)(Trib.)
S. 69A : Unexplained money–Discretionary Trust-Black money-If the assessee is a discretionary beneficiary of the HSBC Bank Account and is not the owner, addition u/s. 69A cannot be sustained-In the case of a discretionary trust, the income of the trust cannot be added in the hands of the beneficiary. The trustees are the representative assessees who are liable to be taxed for the income of the trust. [S. 5, 6 , 133A, 147]