https://www.taxtmi.com/caselaws?id=752267 ITAT Delhi quashed the second round of quantum proceedings under section 153A relating to additions based on peak balance in HSBC Bank, Geneva account. The original assessment order was previously quashed by Delhi HC, which held no incriminating material was found during search and Revenue failed to establish assessee's ownership of the alleged foreign bank account with reliable evidence. Consequently, AO/CIT(A) orders in second round proceedings lacked foundation and were quashed. Assessee's appeal was allowed. en-us Fri, 03 May 2024 00:00:00 +0530 Mon, 06 May 2024 12:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=752267 ITAT Delhi quashed the second round of quantum proceedings under section 153A relating to additions based on peak balance in HSBC Bank, Geneva account. The original assessment order was previously quashed by Delhi HC, which held no incriminating material was found during search and Revenue failed to establish assessee's ownership of the alleged foreign bank account with reliable evidence. Consequently, AO/CIT(A) orders in second round proceedings lacked foundation and were quashed. Assessee's appeal was allowed. Case-Laws Income Tax Fri, 03 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=752267