Couple wins Rs 2.25 crore black money case in ITAT
Mr and Mrs Tiwari, a couple from Pitampura, Delhi, were issued black money tax notices by the Income Tax Department due to their suspected ownership of shares in foreign companies and bank accounts. The Tiwaris challenged the tax notice and after four years, they won their case in the Income Tax Appellate Tribunal (ITAT) Delhi H Bench.
The Tiwaris held 25,000 shares each in SHSA, a company registered in the British Virgin Islands, and also held shares in SSMPL, a company incorporated in Singapore. The bank account of SHSA was closed in April 2014, and the company was struck off in May 2015. The ITAT ruled that the loans provided to the Tiwaris by V.L. Sharma and Sandip Brahmdev Sharma were sufficient to support the interest in these foreign companies, and thus, the addition of Rs 2.25 crore to their income was deemed invalid.
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