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2020 (10) TMI 1238 - ITAT DELHIUndisclosed income on account of interest income earned on undisclosed foreign bank account deposits u/s 69 - CIT-A deleted the addition - HELD THAT:- As decided in own case [2018 (2) TMI 1363 - ITAT DELHI] addition on account of investment in the bank account itself was deleted. As the quantum addition itself has been deleted by the coordinate bench with respect to balance in the foreign bank account, there is no question of making an addition on account of the notional interest on that balance. When the assessee is not found to be owner of any bank account, till now, there is no reason to uphold the interest on such bank balances. If the assessee is not owner of the amount lying in the bank account, naturally the interest income cannot be added in the hands of the assessee. Even otherwise if the revenue gets any information with respect to the ownership of the money lying in the bank account with HSBC bank Geneva, then the provisions of explanation 2 (d) of Section 148 applies and the interest income can be added in the hands of the assessee. The time limit available with the revenue according to the provisions of Section 149 (1) (C) is up to 16 years. Therefore, we do not find any infirmity in the order of the learned CIT – A, at present, in deleting the addition on account of interest in the hands of the assessee for this year with respect to the alleged the holding of bank balance in the HSBC bank Geneva account, as the addition on the quantum itself has been deleted. 0n reading of the grounds of appeal of the learned assessing officer the only prayer is that when the addition has not reached finality the learned CIT – A should have upheld the addition protectively in the hands of the assessee. We could not find any provision in the act wherein the learned CIT – A could have done so. Even otherwise now there is an extended time limit available to the revenue, it may take recourse to the Section if the conditions permit. Accordingly the solitary ground of appeal of revenue dismissed.
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