https://www.taxtmi.com/caselaws?id=283355 The Tribunal upheld the reopening of assessments under Section 147 of the Income Tax Act for the years 2002-03 and 2005-06, adding undisclosed deposits in foreign bank accounts to the assessees' income. It also taxed the interest income from these deposits, citing reliable evidence from foreign sources and applying Section 166 to directly assess the assessees. The Tribunal dismissed all appeals, affirming the AO's actions and decisions regarding the undisclosed income, deposits, and interest income, ultimately ruling in favor of the tax authorities. en-us Wed, 15 Nov 2017 00:00:00 +0530 Fri, 20 Sep 2019 12:46:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=283355 The Tribunal upheld the reopening of assessments under Section 147 of the Income Tax Act for the years 2002-03 and 2005-06, adding undisclosed deposits in foreign bank accounts to the assessees' income. It also taxed the interest income from these deposits, citing reliable evidence from foreign sources and applying Section 166 to directly assess the assessees. The Tribunal dismissed all appeals, affirming the AO's actions and decisions regarding the undisclosed income, deposits, and interest income, ultimately ruling in favor of the tax authorities. Case-Laws Income Tax Wed, 15 Nov 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=283355