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ITAT Mumbai Clarifies “Undisclosed Asset” Under Black Money Act In Ketan Dhamanaskar Ruling
Case Law Details
- Case Name
- Ketan Ramesh Dhamanaskar Vs ACIT (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2019-20
- Courts
- All ITAT, ITAT Mumbai
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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 it...
