No Black Money Liability When Assets Belong to Foreign Partner: ITAT Delhi

ACIT Vs Deepak Jain (ITAT Delhi)

ITAT Deletes ₹31.48 Crore Black Money Addition for Lack of Beneficial Ownership; No Black Money Liability When Assets Belong to Foreign Partner: ITAT Delhi; ITAT Delhi Quashes Black Money Additions Based on Nominee Shareholding; Penalties Under Black Money Act Unsustainable When Asset Ceased Before 2012–13; Tribunal Holds No Jurisdiction to Tax Non-Existent Foreign Assets Under BMA; Revenue Cannot Switch from Income Tax Act to BMA: ITAT Delhi Applies Doctrine of Election

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