https://www.taxtmi.com/caselaws?id=297061 A foreign bank balance in the hands of a non-resident was held not taxable in India where the assessee explained the deposits as inherited overseas funds and the factual bank trail showed no income accruing or arising in India under section 9 of the Income-tax Act, 1961. The Tribunal declined to disturb the first appellate finding on verification of the supporting material, and the quantum addition was deleted. Once the addition failed, the foundation for penalty under section 271(1)(c) also ceased, so the penalty appeals became infructuous and were dismissed. en-us Tue, 30 Apr 2019 00:00:00 +0530 Wed, 18 Aug 2021 09:26:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=297061 A foreign bank balance in the hands of a non-resident was held not taxable in India where the assessee explained the deposits as inherited overseas funds and the factual bank trail showed no income accruing or arising in India under section 9 of the Income-tax Act, 1961. The Tribunal declined to disturb the first appellate finding on verification of the supporting material, and the quantum addition was deleted. Once the addition failed, the foundation for penalty under section 271(1)(c) also ceased, so the penalty appeals became infructuous and were dismissed. Case-Laws Income Tax Tue, 30 Apr 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=297061