Tribunal Overturns Assessment Due to Lack of Evidence on Foreign Bank Account Ownership in Section 153A Case.

Tribunal Overturns Assessment Due to Lack of Evidence on Foreign Bank Account Ownership in Section 153A Case. https://www.taxtmi.com/highlights?id=77203 Assessment completed u/s 153A - addition on account of peak balance maintained by the assessee with HSBC Bank, Geneva - The Appellate Tribunal, after reviewing the submissions and record, found in favor of the appellant. They emphasized the absence of incriminating material and reliable evidence establishing ownership of the foreign bank account. Consequently, the Tribunal quashed the assessment orders of the lower authorities, effectively allowing the appellant's appeal. en-us Tue, 07 May 2024 09:20:17 +0530 Tue, 07 May 2024 09:20:17 +0530 TaxTMI RSS Generator Tribunal Overturns Assessment Due to Lack of Evidence on Foreign Bank Account Ownership in Section 153A Case. https://www.taxtmi.com/highlights?id=77203 Assessment completed u/s 153A - addition on account of peak balance maintained by the assessee with HSBC Bank, Geneva - The Appellate Tribunal, after reviewing the submissions and record, found in favor of the appellant. They emphasized the absence of incriminating material and reliable evidence establishing ownership of the foreign bank account. Consequently, the Tribunal quashed the assessment orders of the lower authorities, effectively allowing the appellant's appeal. Highlights Income Tax Tue, 07 May 2024 09:20:17 +0530 https://www.taxtmi.com/highlights?id=77203