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2024 (3) TMI 200 - AT - Income TaxUndisclosed deposits in foreign bank account - assessee a joint holder along with her husband - stand of assessee is that she was having dispute with her husband and was disowned from being beneficiary in all assets of her husband - HELD THAT:- As there is no dispute that the assessee was co-signatory along with her husband of the foreign bank account maintained with Standard Chartered Trust (Guernsey). However, the stand of the assessee from the very beginning is that she was not having any knowledge about the opening of the account and the sum credited into such account and the account was operated and managed by the husband of the assessee; that there was dispute between wife and husband and the assessee was disowned from being beneficiary in all assets of her husband. It is also the stand of the assessee that she had never made any transaction into such account and she had made complaint to Enforcement Directorate on 21.05.2012 much before conducting of search and seizure on 11.02.2014 regarding no connection with the disputed foreign bank account. Therefore, to verify the veracity of assessee’s claim, in order to subserve the ends of natural justice and to be fair to both the parties, we restore this issue to the file of the AO for decision afresh - Ground is allowed for statistical purposes. Addition as perquisite u/s 17(2)(iv) - payments towards assessee's credit card bills have been done through assessee's own bank account - whether payment for credit card bills made by the company on her behalf to not be treated as her perquisites? - HELD THAT:- Considering the fact that the assessee has been able to prove that the expenses in question were incurred in connection with the business of the company in which she was director, we are of the considered view that the lower authorities were not justified in treating these payments as perquisite of the assessee and no addition thereof could be made in the hands of the assessee. Accordingly, orders of the authorities below on the issue in question are set aside and the addition on this account is deleted.
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