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2018 (11) TMI 949 - AT - Income TaxAddition towards amount found credited in HSBC Bank account, Geneva - income accrued in India - assessee has failed to explain and prove that deposit is not having any connection to income derived in India and not sourced from India - Held that:- It is a settled law that a judgement / order delivered by consent has no precedential value. Admittedly, in this case, the assessee is a non resident and he does not have any business connection / interest in India. No amounts have been transferred from his Dena Bank account in India to any of the bank accounts maintained including HSBC, Geneva. In fact, the balance in the account maintained in Dena Bank is so less that it cannot fund an amount of ₹ 4.28 crores which has been added by the AO as assessee’s income. - Despite this, the AO sought to put the onus of proving a negative that the deposits in foreign bank account are not sourced from India, on the assessee. - AO is not justified in placing the onus of proving a negative on the assessee We are of the considered view that the AO was erred in making addition towards deposits found in HSBC Bank account, Geneva u/s 69 of the Act. CIT(A), after considering relevant facts, has rightly deleted addition made by the AO. We do not find any error or infirmity in the order of Ld.CIT(A). Hence, we are inclined to uphold the findings of Ld.CIT(A) and dismiss the appeal filed by the revenue.
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