ITAT Mumbai Quashes Black Money Addition on Inherited Funds

Nirmal Jethalal Modi Vs DDIT/ADIT (ITAT Mumbai) Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) in Nirmal Jethalal Modi vs DDIT/ADIT dealt with an appeal filed by the assessee challenging the order of the Commissioner of Income Tax (Appeals) [CIT(A)] dated 14 February 2024 under Section 17 of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (BMA Act), for Assessment Year 2019–20. The assessee, an Indian tax resident, disputed the assessment of ₹1.56 crore as undisclosed foreign income and assets under Section 10(3) of the BMA Act. The Assessi...