2021 (3) TMI 1297

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....led to provide any details in respect of foreign bank account and interest rates thereon. 2. We have heard the Learned Representative of both the parties and perused the findings of the authorities below. 3. The record reveal that earlier Departmental Appeal were dismissed considering it to have low tax effect. However, the Revenue moved an application for rectification of the Order as the case involved is of foreign bank account and as such falls within the exception to the Board Circular. The M.A. of the Revenue was allowed and Departmental Appeal was re-fixed for hearing on merits. 4. In this case, A.O. made addition of Rs. 4,00,008/- on account of interest on money lying in HSBC Bank at Geneva, Switzerland which was held as und....

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....losed interest income and the findings with respect to the deposits in the said bank account as mentioned in the appellate order of the AY 2006-07 in the case of appellant shall have no consequence on it." 5. After considering the rival submissions, we do not find any merit in the Departmental Appeal. The Ld. D.R. relied upon the Order of the A.O. and contended that assessee maintained bank account with HSBC Bank at Geneva, Switzerland and assessee has offered additional income in A.Y. 2006-2007 which was added and the same was the basis for computing the interest in assessment year under appeal. On the other hand, Learned Counsel for the Assessee submitted that in A.Y. 2006-2007 addition was maintained by the Ld. CIT(A) against which no....