Penalty Deleted as Assessee Not Beneficiary of Foreign Life Insurance Policy: ITAT Mumbai

Akil Abbas Rassai Vs DDIT/ADIT (Inv)-1 (1) (ITAT Mumbai) AO had received information that the assessee had foreign assets in the form of investments in the financial entities registered in United Arab Emirates and Isle of MAN, namely Zurich International Life Ltd (UAE) and RL 360 Life Insurance Company (Isle of Man) respectively. Therefore, during the course of investigation, a summon u/s 131(1a) of the BMA (Black Money Act) was issued to the assessee on 27.06.2023. The assessee in response filed the requisite details on 31.07.2023. Thereafter it was observed by AO that assessee has declared i...