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No additions on account of consultancy receipts and alleged unexplained investments
Case Law Details
- Case Name
- Arun Madhavachari Rangachari Vs DCIT (International Taxation) (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2011-12
- Courts
- All ITAT, ITAT Mumbai
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Arun Madhavachari Rangachari Vs DCIT (International Taxation) (ITAT Mumbai)
Conclusion: Investments made by a foreign company could not be attributed to a non-resident individual shareholder without “lifting the corporate veil.” AO could not tax these investments in the assessee’s hands without proving the funds were routed personally by him.
Held: Revenue appealed against the deletion of addition of ₹325.5 crore (out of ₹465 crore) made on protective basis in the hands of the assessee, a non-resident individual allegedly rendering consultancy services to foreign e...
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