https://www.taxtmi.com/caselaws?id=410541 Same income cannot be taxed twice by artificially splitting a disclosed peak balance across assessment years; the addition was unsustainable because the amount had already been offered to tax and paid in the relevant year. Notional interest also cannot be added on a foreign bank balance without material showing that interest was actually earned; an estimate based only on a domestic savings-rate assumption had no evidentiary foundation. On both issues, the additions were deleted and relief was granted to the assessee. en-us Tue, 03 Aug 2021 00:00:00 +0530 Wed, 04 Aug 2021 08:35:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=410541 Same income cannot be taxed twice by artificially splitting a disclosed peak balance across assessment years; the addition was unsustainable because the amount had already been offered to tax and paid in the relevant year. Notional interest also cannot be added on a foreign bank balance without material showing that interest was actually earned; an estimate based only on a domestic savings-rate assumption had no evidentiary foundation. On both issues, the additions were deleted and relief was granted to the assessee. Case-Laws Income Tax Tue, 03 Aug 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=410541