TMI Blog2020 (10) TMI 1238X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... The revenue has raised the following grounds of appeal:- 1. Whether the ld CIT(A) was right in rendering addition made in the hands of the appellant infructuous on the basis of similar addition in the hands of the appellant for the earlier years at CIT(A) level when the addition has not reached finality and should have been held protectively in the hands of the assessee. 2. That the grounds of appeal are without prejudice to each other. 3. Brief facts of the case shows that assessee is an individual. During the year under consideration the assessee has derived income from salary, capital gain and income from other sources. The assessee has filed his return of income on 29/7/2014 declaring income of ₹ 9,923, 350/ . It is req ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nal interest on the amount of alleged offshore bank account with the HSBC bank Geneva. Therefore the learned assessing officer is aggrieved with this order and has preferred this appeal before us. 5. We have carefully heard the rival contentions of the learned departmental representative as well as the learned authorised representative and perused the orders of the lower authorities. The learned authorised representative submitted a photocopy of the appellate order dated 15th of February 2018 passed by the coordinate bench in the case of the assessee for assessment year 2006 07 and 2007 08 in quantum appeal. He also submitted a copy of the order of the coordinate bench dated 23 August 2019 in case of the assessee for assessment year ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s 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. 6. Further on 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. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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