TMI Blog2021 (7) TMI 43X X X X Extracts X X X X X X X X Extracts X X X X ..... A For the Respondents : Prakash Dubey, Sr. DR ORDER N.K. Billaiya, Member (A) The above captioned four separate appeals by the assessee are preferred against the order of the ld. CIT(A)- 30, New Delhi dated 22.08.2017 pertaining to A.Ys. 2008-09 to 2011-12. 2. Since common issues are involved in all the captioned appeals, they were heard together and are disposed of by this common order for the sake of convenience and brevity. 3. The common grievance in all these appeals relates to the levy of penalty u/s. 271(1)(c) of the Income-tax Act, 1961 [hereinafter referred to as 'The Act']. The common ground on which penalty has been levied is the addition of notional interest in HDFC Bank account. 4. The dispute r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in the undisclosed foreign bank account. 6.2 On appeal, the Ld. CIT (A) deleted the addition made by the assessing officer holding that since no corroborative evidence has been brought out by the assessing officer to substantiate that the assessee has actually earned any interest ITA 2892 to 2894/D/2017 ITA 3952 to 3956/D/2017 income, therefore, the addition made only on the basis of estimate and presumption is not sustainable. 6.3 In support of the aforesaid ground, the Ld. CIT-DR/Departmental Representative heavily relied on the order of the assessing officer and contended that the addition of ₹ 1,64,962/- made on account of interest should be confirmed and the finding of the CIT(A) to this extent should be reversed. In r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... CIT vs. Punjab Financial Corpn. Ltd.: 295 ITR 510 (P H HC) CIT vs. South India Corpn. (Agencies) Ltd.: 293 ITR 237 (Chennai HC) CIT vs. Sanghi Finance and Investment Ltd.: 190 CTR 207 (MP) ITA 2892 to 2894/D/2017 ITA 3952 to 3956/D/2017 6.4 We have considered rival submissions and the decisions relied upon by both the parties. We have already deleted the addition made in assessment year 2006-07 and also in assessment year 2007-08, therefore, on this ground itself the addition made by the assessing officer is liable to be deleted. Independent thereof, we note that in the instant case, the addition of ₹ 1,64,962 has been made purely on notional basis on the premise that the assessee: (a) had alleged foreign bank accou ..... X X X X Extracts X X X X X X X X Extracts X X X X
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