Beneficiaries not Taxable for Fund invested by Trust in Swiss Bank

Deepak B. Shah Vs ACIT Mumbai (ITAT Mumbai) In the present case the Income Tax Department sought to tax fund lying in a Swiss bank account as “Unaccounted Income” in the hands of two residents of Mumbai. The appellants maintained account in Swiss Bank stated that they had no contribution in the said account as because the said account is a discretionary Trust Account.The A.O imposed tax by adding the balance maintained n Swiss Bank to the income of the said appellants. The discretionary trust did not made any distribution of fund to the beneficiaries. The appellants did not make any contri...