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2021 (3) TMI 1297 - ITAT DELHIAddition of interest earned from foreign bank - income estimation to be @ 4% per annum as the assessee failed to provide any details in respect of foreign bank account and interest rates thereon - HELD THAT:- In the absence of any bank account statement of the said bank account and information of the status of its existence / closure, the balance as on March, 2007 was required to be worked-out as there must have been component of interest earned for the month of March, 2007 and thereafter. The A.O, therefore, presumed that assessee has earned interest @ 4% per annum and made the addition. These facts clearly show that A.O. was not having any information/material so as to prove that assessee maintained the same HSBC account for the assessment year under appeal. A.O. in the absence of bank statement and further details presumed that assessee must have earned interest on the same foreign bank account in assessment year under appeal. It was, therefore, clearly support the findings of fact recorded by the Ld. CIT(A) that there were no evidence available with the A.O. to compute the interest earned by the assessee in assessment year under appeal. In the absence of any evidence on record to the effect that assessee maintained any foreign bank account in assessment year under appeal or earned any interest thereon, the Ld. CIT(A) was justified in deleting the addition. We do not find any error in the Order of the Ld. CIT(A) in deleting the addition. The Departmental Appeal fails and is dismissed.
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