Case Law Analysis
|Income Tax Appellate Tribunal
Undisclosed foreign nominee shares not taxable in assessee’s hands - Section 10(1) notice must specify FY | Beneficial ownership of foreign shares : ITAT Delhi
The ITAT Delhi ruled that foreign shares held as a nominee are not taxable in the assessee’s hands, and any Section 10(1) notice must expressly state the relevant financial year. This clarifies that undisclosed foreign nominee assets escape tax liability unless properly disclosed, guiding tax practitioners and assessees with such holdings.
