ITAT Chennai Deletes ₹26 Crore Addition under Black Money Act for Lack of Proof of Foreign Investment

Narayanaswamy Ramamoorthy Vs Deputy Director of Income Tax (Investigation) (ITAT Chennai)

Additions on Windsor and Dalham Trusts Quashed: ITAT Finds No Evidence of Assessee’s Funding; Black Money Act Additions Unsustainable Without Proof of Contribution, Rules ITAT Chennai; Assessee Not Beneficial Owner of Foreign Trusts, Says ITAT; Additions Deleted; CRS Data Alone Insufficient: ITAT Chennai Quashes Additions for Alleged Undisclosed Foreign Assets.

The case before the Income Tax Appellate Tribunal (ITAT), Chennai, involved a

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