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2018 (4) TMI 122 - AT - Income TaxAdditions towards amount in a bank account with HSBC Bank at Geneva - peak credit - husband and wife both were the beneficiary - the amount surrendered by the husband and taxed in his account - advancing of loan by the assess to his family members - Held that:- In the case under consideration the AO had alleged that there was an attempt to reduce the tax burden. The husband of the assessee had the tax at the maximum marginal rate. The AO had accepted the return filed by him and no revisionary proceedings were initiated. After assessing the disputed amount substantively in the hands of BHK, as stated earlier, there was no justification for assessing same in the hands of his wife also. Considering the above, we are of the opinion that there is no legal or factual infirmity in the order of the FAA. - Decision in the case of SP Jaiswal (1997 (3) TMI 4 - SUPREME Court) followed - Decided against the revenue.
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