Section 69 Income Tax Case Remanded: Assessing Officer to Reevaluate Foreign Account Balance with Concrete Evidence, Not Assumptions.

Section 69 Income Tax Case Remanded: Assessing Officer to Reevaluate Foreign Account Balance with Concrete Evidence, Not Assumptions. https://www.taxtmi.com/highlights?id=57508 Addition u/s 69 - undisclosed foreign bank account - addition being the peak balance - Matter remanded back to AO for adjudication of the issue afresh stating that the addition towards interest on outstanding credit balance in foreign bank account can only be made on the basis of some evidence/material. Addition cannot be simply made on the basis of presumption and surmises - AT en-us Wed, 07 Apr 2021 13:32:44 +0530 Wed, 07 Apr 2021 13:32:44 +0530 TaxTMI RSS Generator Section 69 Income Tax Case Remanded: Assessing Officer to Reevaluate Foreign Account Balance with Concrete Evidence, Not Assumptions. https://www.taxtmi.com/highlights?id=57508 Addition u/s 69 - undisclosed foreign bank account - addition being the peak balance - Matter remanded back to AO for adjudication of the issue afresh stating that the addition towards interest on outstanding credit balance in foreign bank account can only be made on the basis of some evidence/material. Addition cannot be simply made on the basis of presumption and surmises - AT Highlights Income Tax Wed, 07 Apr 2021 13:32:44 +0530 https://www.taxtmi.com/highlights?id=57508