https://www.taxtmi.com/caselaws?id=445868 HC ruled in favor of assessee regarding unexplained foreign bank deposits. Revenue authorities failed to establish assessee's ownership of disputed UK bank account. Assessee's explanation that deposits belonged to nephew residing in UK was accepted as justified. Court noted assessee's name was removed from account in 2004, prior to 2006 visit and 2014 notice. Nephew had paid taxes on amounts to UK revenue under disclosure facility. Assessee, being agriculturist with small land holding, could not possess such large foreign currency amounts. AO and CIT wrongly rejected explanation despite sufficient evidence including affidavit. Addition deleted. en-us Tue, 07 Nov 2023 00:00:00 +0530 Tue, 26 Nov 2024 14:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=445868 HC ruled in favor of assessee regarding unexplained foreign bank deposits. Revenue authorities failed to establish assessee's ownership of disputed UK bank account. Assessee's explanation that deposits belonged to nephew residing in UK was accepted as justified. Court noted assessee's name was removed from account in 2004, prior to 2006 visit and 2014 notice. Nephew had paid taxes on amounts to UK revenue under disclosure facility. Assessee, being agriculturist with small land holding, could not possess such large foreign currency amounts. AO and CIT wrongly rejected explanation despite sufficient evidence including affidavit. Addition deleted. Case-Laws Income Tax Tue, 07 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=445868