Bond Redemption Not Black Income: ITAT Rejects Revenue’s USD 3.2 Million Claim

ACIT Vs Smt. Ami Rashesh Bhansali (ITAT Mumbai) The Tribunal recalled its earlier order after accepting documented proof that the US$ 32,13,307.60 credit in a foreign account was a legitimate investment redemption, not an undisclosed asset. With detailed records confirming the source and maturity of the offshore investment, the Bench emphasized that properly explained foreign credits cannot be taxed under the Black Money Act. These are Revenue’s appeals against the common orders of CIT(A)-51, Mumbai, under the Black Money (Undisclosed Foreign Income & Assets) Act, 2015 (“BMA”). The o...