https://www.taxtmi.com/caselaws?id=761584 ITAT Delhi allowed the assessee's appeal and deleted the addition of undisclosed interest income on alleged HSBC Bank Geneva deposits. The tribunal held that the addition was made purely on notional basis without evidence of actual interest receipt. The assessing officer hypothetically assumed 4% interest on disputed deposits that were themselves under challenge. Since no evidence existed that the assessee actually received interest and the addition was based on imagination rather than facts, the CIT(A) correctly deleted the notional interest addition. The tribunal also noted similar additions were made in previous assessment years 2006-07 and 2007-08. en-us Wed, 06 Nov 2024 00:00:00 +0530 Tue, 12 Nov 2024 18:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761584 ITAT Delhi allowed the assessee's appeal and deleted the addition of undisclosed interest income on alleged HSBC Bank Geneva deposits. The tribunal held that the addition was made purely on notional basis without evidence of actual interest receipt. The assessing officer hypothetically assumed 4% interest on disputed deposits that were themselves under challenge. Since no evidence existed that the assessee actually received interest and the addition was based on imagination rather than facts, the CIT(A) correctly deleted the notional interest addition. The tribunal also noted similar additions were made in previous assessment years 2006-07 and 2007-08. Case-Laws Income Tax Wed, 06 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761584