https://www.taxtmi.com/caselaws?id=753151 ITAT Delhi allowed the assessee's appeal regarding penalty u/s 271(1)(c) for concealment of income related to notional interest on foreign bank account balance in HSBC Bank, Geneva. Following Delhi HC precedent, the tribunal held that notional interest on additions originally made in AY 2006-07 could not be imposed in subsequent years AY 2008-09 to 2011-12, with same principle applying to AY 2012-13. The tribunal deleted the addition sustained by CIT(A) and decided in favor of the assessee. en-us Fri, 03 May 2024 00:00:00 +0530 Sun, 26 May 2024 12:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753151 ITAT Delhi allowed the assessee's appeal regarding penalty u/s 271(1)(c) for concealment of income related to notional interest on foreign bank account balance in HSBC Bank, Geneva. Following Delhi HC precedent, the tribunal held that notional interest on additions originally made in AY 2006-07 could not be imposed in subsequent years AY 2008-09 to 2011-12, with same principle applying to AY 2012-13. The tribunal deleted the addition sustained by CIT(A) and decided in favor of the assessee. Case-Laws Income Tax Fri, 03 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753151