https://www.taxtmi.com/caselaws?id=419626 The ITAT upheld the CIT(A)'s decision to delete deposits amounting to Rs. 1,32,72,864/- in HSBC, Geneva, in favor of the assessee. The revenue's appeal was dismissed as the department failed to prove the assessee's beneficial interest in the company or the bank account, and the CIT(A) accepted the assessee's submissions supported by independent evidence. The judgment highlighted the importance of concrete evidence to establish control over funds and adherence to procedural requirements under Rule 46A. en-us Thu, 10 Mar 2022 00:00:00 +0530 Wed, 16 Mar 2022 10:18:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=419626 The ITAT upheld the CIT(A)'s decision to delete deposits amounting to Rs. 1,32,72,864/- in HSBC, Geneva, in favor of the assessee. The revenue's appeal was dismissed as the department failed to prove the assessee's beneficial interest in the company or the bank account, and the CIT(A) accepted the assessee's submissions supported by independent evidence. The judgment highlighted the importance of concrete evidence to establish control over funds and adherence to procedural requirements under Rule 46A. Case-Laws Income Tax Thu, 10 Mar 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=419626