No Income Assessable as Assessee Not Beneficial Owner of Company: ITAT Delhi

Pradeep Wig Vs ACIT (ITAT Delhi) ITAT Delhi held that assessee, being the registered shareholder of the company, acquired those shares by remitting his own declared sources money through the permitted LRS form India. Further, assessee was not beneficial owner of any property of asset of the company hence no income was assessable in the hands of assessee. Facts- The case of revenue is that as per the information available with the revenue before the date of search on 02/03/2017, Shri Pradeep Wig, Ms. Neera Wig, Ms. Sonu Wig, Ms. Neela Kothari and Ms. Gauri Wig were shareholders of Carmichael Ca...