https://www.taxtmi.com/caselaws?id=445538 ITAT Mumbai ruled on unexplained foreign bank account credits. The tribunal remitted the main issue back to AO for verification, directing the assessee to submit consolidated ledger accounts of M/s. Lennox Overseas Inc. from FY 1998-99 to 2008-09 to substantiate claims of offshore earnings. The tribunal deleted addition of petty foreign currency as insignificant cash holdings requiring no proof. Addition from HSBC Life (UK) Ltd. was also deleted as the assessee provided adequate documentation proving it was legitimate insurance surrender value, with bank confirmation supporting the claim. en-us Fri, 21 Jul 2023 00:00:00 +0530 Fri, 10 Nov 2023 08:44:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=445538 ITAT Mumbai ruled on unexplained foreign bank account credits. The tribunal remitted the main issue back to AO for verification, directing the assessee to submit consolidated ledger accounts of M/s. Lennox Overseas Inc. from FY 1998-99 to 2008-09 to substantiate claims of offshore earnings. The tribunal deleted addition of petty foreign currency as insignificant cash holdings requiring no proof. Addition from HSBC Life (UK) Ltd. was also deleted as the assessee provided adequate documentation proving it was legitimate insurance surrender value, with bank confirmation supporting the claim. Case-Laws Income Tax Fri, 21 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=445538