TaxTMI 
TaxTMI 
TaxTMI 
2021 (10) TMI 690
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.... "1. That on the facts and in the circumstances of the case, the Ld. CIT (A) has erred in law and on facts in deleting the addition of Rs. 5,83,739/- which was imposed by the AO on account of undisclosed interest income on amount deposited with HSBC, Geneva. The issue is covered by CBDT's circular no.21/2015 dated 10.12.2015 in the exceptions provided. 2. That on the facts and in the circumstances of the case the Ld. CIT (A) has erred in law and on facts in deleting the addition, disrega4rding the facts that the assessee has deliberately concealed his interest income of Rs. 5,83,739/- in HSBC, Geneva. 3. That the grounds of appeal are without prejudice to each other.'" 2. Briefly stated the facts necessary for adjudication of t....
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....on regarding existence of an overseas bank account. The assessee in his reply stated that he does not own any overseas account, in his name. It is in this regard that the undersigned would like to clarify certain issues. 2. During the search operation, just to cross-examine the assessee, certain documents related to an overseas bank were shown to the assessee, where the accounts belonged to some trust/companies. The assessee's name happens to appear in that statement as a beneficiary/attorney holder, together with some of his family members. It is stated that the assessee neither created such an entity nor is aware of one existing as on date. 3. It is noteworthy to point out that the assessee has never operated the said bank account....
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....e assessment of undisclosed income in the hands of the assessee is based upon present letter, no penal action for concealment of income be initiated / undertaken. 6. It is requested that the above statement may kindly be kept confidential and not shared with any agency/individual as the above stated offer has been made to protect myself from undue harassment." 5. During assessment proceedings u/s 153A, statement of the assessee was recorded on 02.12.2014 by the AO and reached the conclusion that the assessee has opened/operated the account in HSBC Bank, Geneva and he was given unique code which is BUP SIFIC PER ID 9070142903. His profile was linked to clients, namely, ASPREY WORLDWIDE S.A.; RONDEBERG LIMITED; TAIRA FOUNDATION, 12717, RSK....
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....ld. CIT (A) by way of filing appeal who has allowed the appeal. Feeling aggrieved, the Revenue has come up before the Tribunal by way of filing the present appeal. 9. We have heard the ld. Authorized Representatives of the parties to the appeal, gone through the documents relied upon and orders passed by the revenue authorities below in the light of the facts and circumstances of the case. 10. Undisputedly, in AY 2006-07, addition of Rs. 1,20,37,863/- and Rs. 1,23,130/- was made by the AO to the total income of the assessee on the basis of amount figured in the foreign bank account/linked profile of the assessee and on account of undisclosed interest u/s 69 of the Act respectively. It is also not in dispute that AY 2006-07 is the base yea....
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....eted by the ld. CIT (A) on account of undisclosed interest of Rs. 5,83,739/- is to be decided as per order passed qua principal amount deposited in assessee's foreign bank maintained with HSBC Bank, Geneva, which has been remitted back to AO for deciding afresh. 12. Coordinate Bench of the Tribunal in assessee's own case for AY 2006-07 (supra) qua this foreign bank account maintained by the assessee with HSBC Bank, Geneva has partly allowed the appeal for statistical purposes by remitting the case back to the AO with direction to adjudicate afresh in accordance with law after obtaining the verificatory report from the bank by returning following findings :- "35. Now, coming to the merits of the case IS concerned, we find the Asse....
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....nnot be conclusively proved that the accounts in fact do belong to the assessee, therefore, considering the totality of the facts and in the interest of justice, we restore this issue to the file of the Assessing Officer with a direction to adjudicate the issue afresh and in accordance with law after obtaining the law after giving due opportunity of being heard to the assessee. We hold and direct accordingly. The grounds raised by the assessee are partly allowed for statistical purposes. 37. In the result, the appeal filed by the assessee is partly allowed for statistical purposes." 13. Since the present assessment framed u/s 153A read with section 143(3) of the Act is an offshoot of initial assessment framed in AY 2006-07 qua the foreig....