Court Grants Last Chance for Affidavit Submission, Stresses Importance of Statutory Records in Upcoming Hearing.

The court has granted the respondent/revenue a final opportunity to submit the required affidavit, underscoring the necessity of statutory records and evidence in the proceedings. The matter is scheduled for further hearing to facilitate the submission of the affidavit, ensuring a thorough review before reaching a conclusive judgment.

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Issues involved:
The appeal concerns Assessment Year (AY) 2006-07. The appellant/assessee is disputing the addition made by the Assessing Officer (AO) based on undisclosed deposits with a foreign bank, specifically HSBC Bank, Geneva.

Issue 1: Allegation of undisclosed deposits with a foreign bank
The appellant/assessee contests the addition made by the AO, claiming no incriminating material was found during the search conducted. The information forming the basis of the order under Section 153A of the Income Tax Act, 1961 was already available with the revenue, specifically a purported bank statement from HSBC Bank, Geneva. The appellant argues that this information was supplied after the search and asserts that the impugned order deserves to be reversed based on relevant case law. The respondent/revenue is directed to provide an affidavit and incriminating material found during the search, which has not been done despite specific instructions.

Issue 2: Veracity of the documents and assertions by the appellant/assessee
The appellant refutes the authenticity of the document provided by the revenue, claiming not to maintain a foreign bank account as alleged. The appellant asserts lack of awareness regarding the source of the information, requests evidence supporting the claim, and highlights discrepancies in the document provided. Documents presented to the court support the appellant's assertions, including correspondences and statements. Despite reminders, the respondent/revenue has not filed the required affidavit, leading the court to provide one last opportunity for compliance.

Conclusion:
The court has given the revenue one final chance to file the necessary affidavit, emphasizing the importance of statutory records and evidence presented during the proceedings. The matter is listed for further hearing to allow for the submission of the affidavit and ensure a comprehensive review of the case before a final decision is made.

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