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Indian Income Tax Appellate Tribunal holds for “beneficial ownership” under Black Money Act; mere signature on foreign bank’s account opening form is inadequateJul-20-2021

The Indian State Income Tax Appellate Tribunal (ITAT) rejected Revenue’s appeal and deleted the addition made under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (BMA), holding that the mere mention of name in the account opening form of an overseas bank account does not establish beneficial ownership.