Black Money Act Inapplicable: Foreign Shareholding Properly Disclosed – ITAT Delhi

ACIT Vs Himanshu Gupta (ITAT Delhi) ITAT Delhi held that foreign share holding duly disclosed with Income Tax Department and hence the same cannot be taxed under the Black Money Act. Accordingly, order of CIT(A) upheld and appeal of revenue dismissed. Facts- A search and seizure action was conducted on 28th November, 2017 in the case of Vrindawan Group which includes the assessee and his family members. During the course of Black Money Act( BMA) proceedings, the Assessing Officer observed that the assessee is holding 5% shares in M/s Innovation Worldwide Ltd, a company incorporated in Hong Kon...