ITAT Mumbai Clarifies “Undisclosed Asset” Under Black Money Act In Ketan Dhamanaskar Ruling

Mansvi Singh & CA Akshay Jain  Ketan Ramesh Dhamanaskar Vs ACIT (ITAT Mumbai) In a significant decision that provides critical clarity on the application of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (BMA), the Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has ruled in favour of the taxpayer, Mr. Ketan Ramesh Dhamanaskar. The ruling, delivered on 20 January 2026, quashes the tax demand and proceedings initiated by the Assessing Officer (AO), reinforcing that a foreign asset cannot be deemed “undisclosed” when its source is clear...