TMI Blog2021 (4) TMI 590X X X X Extracts X X X X X X X X Extracts X X X X ..... CIT(A) in the foregoing paragraphs, there is again no reason to deviate from the findings of the Ld. CIT(A) in deleting the penalty imposed against the quantum addition. We uphold the deletion of penalty by the Ld. CIT(A). - Decided against revenue. - I.T.A No.7861/Del/2017 I.T.A No.7862/Del/2017 - - - Dated:- 13-4-2021 - SHRI G.S. PANNU, VICE PRESIDENT AND SHRI SUDHANSHU SRIVASTAVA, JUDICIAL MEMBER Appellant by : Sh. V.K. Bindal, CA Mrs. Rinki Sharma, CA Respondent by : Sh. Prakash Dubey, Sr. DR ORDER PER SUDHANSHU SRIVASTAVA, JM: Both the appeals are preferred by the Department. ITA No.7861/Del/2017 is the Department s appeal against the quantum order dated 12.10.2017 passed by the Learned Commissioner of In ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er further observed in the assessment order that further, during the course of assessment proceedings u/s 153A of the Act, the statement of assessee was recorded on 03.12.2014 and the assessee was again specifically asked as to whether the assessee maintained any bank accounts with HSBC, Switzerland. The Assessing Officer further noted that the assessee during the course of search, was shown a copy of the bank statement with HSBC, Switzerland and the assessee had replied in the negative. Thereafter, the Assessing Officer noted that from the records and evidences, it was evident that the assessee had opened/operated accounts in HSBC Bank, Switzerland. The Assessing Officer further noted that there were four such undisclosed accounts which we ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... circumstances of the case, the Ld. CIT(A) has erred in law and on facts in deleting the addition of ₹ 1,47,12,333/- made by the AO on account of undisclosed interest income on the undisclosed deposits of ₹ 36.78 crore in HSBC Bank, Geneva without appreciating the fact that the assessee had no intent to disclose the Foreign Bank Account as he had not given the department Consent Form not the assessee had submitted any details regarding the same during the assessment proceedings or appellate proceedings or prior to that while filing the returns. 2. The Ld. CIT(A) has erred in deleting the addition of ₹ 6,08,750/- on account of undisclosed cash found during search and seizure without appreciating the fact that the asses ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n. It was submitted that this information established that the assessee was beneficiary holder of these accounts and, therefore, the Ld. CIT(A) was wrong in deleting the quantum addition based on his order for Assessment Year 2006-07. The Ld. CIT-DR further submitted that the order of the Ld. CIT(A) in Assessment Year 2006-07 was upheld by the Tribunal but there was a basic difference in the facts between Assessment Year 2006-07 and the present year now under consideration for the reason that in Assessment Year 2006-07, the assessment was completed u/s 153A of the Act and since no incriminating document was found during the course of search, the Ld. CIT(A) had deleted the addition whereas in the present year, the assessment was completed u/ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 5 in ITA No.6542/Del/2017 wherein an identical addition on account of interest has been deleted on the ground that the ITAT had earlier deleted the addition on account of investment in the bank accounts itself. The relevant observations of the Co-ordinate Bench are contained in paragraph-5 of the said order. The same is reproduced herein under for a ready reference. 5.0 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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. 6.1 The Ld. CIT-DR has submitted that there is perversity in th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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