https://www.taxtmi.com/caselaws?id=310848 ITAT Amritsar ruled in favor of the assessee regarding unexplained foreign bank deposits. The tribunal found that the assessee's name was struck off from the foreign bank account on April 11, 2004, when another entity became the owner. Since the disputed deposits occurred in AY 2006-07 and 2007-08, after the assessee ceased to be associated with the account, no tax liability could be imposed. Additionally, the actual account holder had already paid taxes on the outstanding amount to UK revenue authorities under a disclosure facility. The tribunal deleted the addition made by the Assessing Officer and confirmed by CIT Appeals. en-us Mon, 13 Jun 2022 00:00:00 +0530 Tue, 21 Nov 2023 20:41:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=310848 ITAT Amritsar ruled in favor of the assessee regarding unexplained foreign bank deposits. The tribunal found that the assessee's name was struck off from the foreign bank account on April 11, 2004, when another entity became the owner. Since the disputed deposits occurred in AY 2006-07 and 2007-08, after the assessee ceased to be associated with the account, no tax liability could be imposed. Additionally, the actual account holder had already paid taxes on the outstanding amount to UK revenue authorities under a disclosure facility. The tribunal deleted the addition made by the Assessing Officer and confirmed by CIT Appeals. Case-Laws Income Tax Mon, 13 Jun 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=310848