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2018 (2) TMI 1731 - ITAT DELHIUndisclosed bank accounts - undisclosed foreign bank account deposits u/s 69 - assessment proceedings undertaken u/s 153A validity - proof of incriminating material found in search - AO empowerment empowered to issue notice u/s 148 - Held that:- Since in the instant case the documents in the shape of 7 pages received by the Government of India from a sovereign country containing information regarding the undisclosed foreign accounts were received prior to the search and was confronted to the assessee during the course of search, therefore, the same, in our opinion, constitutes incriminating material which has rightly been used by the AO in the proceedings u/s 153A/143(3). Further, since the proceedings u/s 153A was pending, the Assessing Officer is not empowered to issue notice u/s 148 in respect of income which comes to his knowledge from a source other than the evidence found during the course of search and continued the said proceedings simultaneously with proceedings u/s 153A/153C. Verificatory letters from the competent authorities in Switzerland was yet to be received before completion of the assessment. Before ld. CIT(A) was also, the same was not available. Even before us nothing was brought to our notice regarding the verificatory letters received from Switzerland. Since assessee in the instant case was denying from the beginning that the accounts does not belong to him and since verificatory report in respect of above is yet to be received, and since in absence of such verificatory letter, it cannot be conclusively proved that the accounts in fact do belong to the assessee, therefore, we restore this issue to the file of the Assessing Officer with a direction to adjudicate the issue afresh - Decided partly in favour of assessee for statistical purposes.
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