Protective Assessment Deleted as Assessee Not Found Beneficial Owner of Foreign Assets

PCIT Vs Shriti Verma (Delhi High Court) The Delhi High Court dismissed four appeals filed by the Revenue against a common order of the Income Tax Appellate Tribunal (ITAT) relating to Assessment Years 2011-12, 2012-13, 2013-14, and 2014-15. The dispute arose from assessment proceedings initiated against the assessee on a protective basis under the Income Tax Act, 1961. The Assessing Officer (AO) had simultaneously initiated proceedings under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. While passing the assessment order under the Income Tax Act, the ...