9911796707
TMI Blog2022 (10) TMI 104X X X X Extracts X X X X X X X X Extracts X X X X ..... d. CIT(A), Mumbai had erred in allowing assessee's claim thereby causing the bank balance to be taxed in subsequent assessment years and not in the present assessment years. 2. The brief facts of case that the assessee is an individual and derives income from salary, house property, business and profession, capital gains and other sources. The assessee has filed the return of income for the A.Y 2006-07 on 31.10.2006 with a total income of Rs.26,36,505/- and the assessment was completed on 15.10.2008 determining the total income of Rs.26,36,505/-.The Assessing Officer (AO) has received the information from Govt of India from the French Govt under DTAA in exercise of its sovereign powers that some Indian nationals and residents have foreign bank accounts in HSBC Bank, Geneva, Switzerland which were undisclosed to the Indian taxation and the information was received in the form of document (herein referred as Base Note) wherein various details of account holders such as name, date of birth, place of birth, sex, residential address, profession, nationality along with the date of opening the bank account in HSBC Bank, Geneva and balance in certain years etc are mentioned. Whereas ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nying out rightly that they have such undisclosed bank account in HSBC Bank, Geneva were required to f ill up the consent waiver form. In response to the consent waiver form sent to the HSBC Bank, Geneva, the bank has sent them their bank account statements and CD. The assessees submitted these bank statements and CDs to the Department. This confirms that even in those cases where assessees were denying the ownership of such undisclosed bank account, subsequently admitted their accounts and submitted their bank statements also. These statements' account numbers and other information tally wi th the information received by the Government of India from the French Authorities in the form of the base note. 4. Therefore this is proved that the information received by Government of India from French Authorities under DTAA regarding undisclosed bank accounts held by these individuals in HSBC Bank, Geneva is true and correct. 5. Also Shri. Kumar Rasiklal Mehta (the assessee) has conf irmed vide his letter dated 02.11.2011 the above disclosure and promised to pay taxes thereon. The assessee has paid Rs. 39,94,250/- as tax on this undisclosed income. The conduct of assessee establi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ormation is already found to be true and correct (as discussed above) the responsibility to discharge onus in his "especial case" lies on him which he could not discharge. All these clearly establish the fact that the assessee has bank account with BUP_SIFIC_PER_ID 5090129582 linked with Code profile client 5091189255 in HSBC Bank, Geneva which is undisclosed to the Income Tax Department. All these above facts clearly establish that the account belongs to the assessee and the assessee has not disclosed this bank account to Income Tax Department. Assessee failed to explain the deposits shown in the Base Note in his bank account in this financial year. The balance ref lected therein is his unexplained money. Therefore, an amount of Rs 51,19,959/-equivalent to USD 1,13,776/ (1 USD = 45INR) shown up as balance in F.Y. 2005-06 in the undisclosed bank account of the assessee in HSBC Bank, Geneva, Switzerland as per the information in document is treated as the undisclosed income which has not been accounted for and has escaped assessment. Accordingly an addition of Rs. 51,19,959/- is made to the total income of the assessee u/s 69A of the Income Tax Act, 1961 For A.Y. 2006-07. Pena ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as stated as under: "Since, the assessee has not submitted the copy of said bank statement & failed to discharge his onus and no evidence was produced to prove his claim, in view of the above the assessee was show caused during the assessment proceedings vide notice u/s 142[1] dated 09.02.2015 as to why an amount of US$ 1,00,000 should notbe treated as undisclosed Income of the assessee being the minimum amount required to open/operate an account in HSBC, Geneva." 17.1 In response to this notice, the assessee made a submission dated 25.02.2015 wherein the assessee has stated that highest maximum total balance of US$ 1,17,372 is inclusive of the initial deposit that might have being deposited being minimum amount required to open/maintain said (d) account hence, having included in the peak balance voluntarily offered for taxation no further separate taxability of same is acquired. The AO being not satisf ied with the contention of the assessee as also the assessee failed to submit the complete bank statement in respect of the account with HSBC, Geneva, added back amount of Rs. 27,50,000/- being undisclosed income u/s. 69A of the Act, to the total income of the assessee. 17. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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