https://www.taxtmi.com/caselaws?id=103460 A Nepali citizen's bank deposit was treated as falling within the beneficial treaty position under Article 21 of the India-Nepal Double Taxation Avoidance Agreement, which prevailed over the deeming fiction under section 69 of the Income-tax Act by virtue of section 90(2). On that basis, the deposit was not taxable in India on the facts stated. Because the assessment on unexplained investment did not survive, the foundation for alleging concealment also fell away, and the penalty under section 271(1)(c) could not be sustained independently. The penalty was therefore deleted as consequential to the unsustainable assessment. en-us Thu, 26 Jul 2001 00:00:00 +0530 Wed, 22 Feb 2012 18:42:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=103460 A Nepali citizen's bank deposit was treated as falling within the beneficial treaty position under Article 21 of the India-Nepal Double Taxation Avoidance Agreement, which prevailed over the deeming fiction under section 69 of the Income-tax Act by virtue of section 90(2). On that basis, the deposit was not taxable in India on the facts stated. Because the assessment on unexplained investment did not survive, the foundation for alleging concealment also fell away, and the penalty under section 271(1)(c) could not be sustained independently. The penalty was therefore deleted as consequential to the unsustainable assessment. Case-Laws Income Tax Thu, 26 Jul 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=103460