ACIT Vs Smt. Ami Rashesh Bhansali (ITAT Mumbai)
The Tribunal recalled its earlier order after accepting documented proof that the US$ 32,13,307.60 credit in a foreign account was a legitimate investment redemption, not an undisclosed asset. With detailed records confirming the source and maturity of the offshore investment, the Bench emphasized that properly explained foreign credits cannot be taxed under the Black Money Act.
These are Revenue’s appeals against the common orders of CIT(A)-51, Mumbai, under the Black Money (Undisclosed Foreign Income & Assets) Act, 2015 (“BMA”). The only surviving issue-after recall of earlier orders-pertains to addition of USD 32,13,307.60 credited on 22-02-2010 in UBS Singapore A/c No. 161753 (in name of Gold Jewel Corporation, a BVI entity with the assessees as beneficial owners).
Background
- Search u/s 132 was conducted on 17-03-2016 on the Bhansali Group.
- Information from Singapore showed two offshore UBS accounts: A/c 137274 – in name of Shri Rashesh Bhansali & A/c 161753 – in name of Gold Jewel Corporation (GJC), BVI
- Both assessees initially denied ownership but later admitted beneficial ownership in March 2019.
- Assessments were completed u/s 10(3) of BMA treating various unexplained credits as undisclosed foreign assets.
Issue for adjudication (after recall of earlier ITAT order)
