9911796707
TMI Blog2021 (10) TMI 690X X X X Extracts X X X X X X X X Extracts X X X X ..... aside and remitted back to the AO to decide afresh after providing an opportunity of being heard to the assessee. Appeal filed by the Revenue is allowed for statistical purposes. - ITA No.6607/Del./2017 - - - Dated:- 13-10-2021 - Shri Kuldip Singh, Judicial Member And Shri Prashant Maharishi, Accountant Member For the Assessee : Shri Hiren Mehta, CA, Shri Nirbhey Mehta, CA For the Revenue : Ms. Paramita M. Biswas, CIT DR ORDER PER KULDIP SINGH, JUDICIAL MEMBER : Appellant, ACIT, Central Circle 26, New Delhi (hereinafter referred to as 'the Revenue') by filing the present appeal sought to set aside the impugned order dated 11.08.2017 passed by the Commissioner of Income - tax (Appeals) XXVI, New Delhi qua the assessment year 2010-11 on the grounds inter alia that :- 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 ₹ 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. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tement 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(s) of these Trust(s)/Companies, and therefore is not privy to the transactions therein. Further neither the undersigned is in possession of any bank statement of these trust/companies nor is he in possession of any document showing him as the beneficiary/attorney holder of these trusts/companies. It is also pertinent to note that not a single document related to the above account(s) has been found, during the course of search and seizure operation conducted at his residence and office premises. 4. In view of the above stated position, it is established that neither the assessee, nor any of his family members, are owners of these bank accounts, nor are they aware of such an arrangement, and therefore, the balance shown in the bank statement is in no way his or his family members undisclosed income. Even though the bank statements in respect of the said bank accounts are old and may fall outside t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pearing in the documents seized. The assessee has failed to comply with the notices issued u/s 142 (1) of the Act despite availing numerous opportunities by not signing the consent waiver form, for which penalty proceedings are initiated separately. Consequently, AO made addition on account of interest income of ₹ 5,83,739/- u/s 69 of the Act and thereby assessed the tota1 income at ₹ 27,62,940/- u/s 153(A)/143(3) of the Act. 8. Assessee carried the matter before the 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 ₹ 1,20,37,863/- and ₹ 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 377; 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 Assessing Officer at para 11 of the order as observed as under :- 11. From the above facts it is clear that the assessee has opened and/or operated account(s) in HSBC Bank. He has been given a unique code which is BUP SIFIC PER ID 9070142903. His profile was found linked to five client profiles namely, ASPREY WORLDWIDE S.A.; RONDEBERG LIMITED; TAIRA FOUNDATION, 12717 RSK AND MENKO FOUNDATION, VADUZ. With a view to verifying the above foreign bank account(s) a references has/have been sent ..... X X X X Extracts X X X X X X X X Extracts X X X X
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