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Income Tax - Highlights / Catch Notes

Home Highlights April 2019 Year 2019 This

Addition u/s 69 on account of deposit with HSBC Bank account of ...

Income Tax

April 2, 2019

Addition u/s 69 on account of deposit with HSBC Bank account of citizen of USA and NRI - Income received /Accrued or deemed to be received/ Accrued in India u/s 5 - AO has no jurisdiction to tax the deposits held by the assessee abroad unless it is proved that the source of deposits are from India

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  1. Addition on the ground of balance appearing in HSBC Bank Account, Geneva undisclosed - Nothing has been brought on record in “reasons recorded” or there is any material...

  2. Income deemed to accrue or arise in India - interest income - In these years, the interest income has accrued on the deposits kept by the assessees in HSBC bank, Geneva...

  3. Club or association service - The accrued interest received from the bank on an amount deposited cannot be treated as “subscription” - demand do not sustain

  4. Addition u/s 68 - gifts received from NRI - the assessee’s plea of having received gift deserves acceptance. - AT

  5. Addition u/s 68 - unexplained deposits in Dubai bank account - CIT(A) has observed that taxability of sum in Dubai Bank account is beyond the jurisdiction of Indian tax...

  6. Addition u/s.153A - addition u/s.69A - Assessee was the beneficial owner of the foreign bank account of HSBC Bank at Geneva - Since assessee is a non-resident, at the...

  7. Undisclosed cash deposit in bank account - The amount deposited was received from purchasers/buyers - The assessee also explained that he was supplying marble on...

  8. Unexplained investment u/s 69 - In the present case before us admittedly, whatever sale consideration the assessee has received they were received in cheques. But in...

  9. Addition on account of unexplained cash received from students and trainees - the cash deposited in the bank is fully accounted for and the addition made by the AO is ex-facie bad

  10. Principle amount in the HSBC Geneva Bank account is itself not taxable due to the non-resident status of the assessee, and as there is no proof that the income has...

 

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