9911796707
TMI Blog2023 (5) TMI 632X X X X Extracts X X X X X X X X Extracts X X X X ..... act, Commissioner (Appeals) himself has deleted identical addition while deciding Assessee s appeal for the assessment year 2009-10. As while deciding quantum appeals, the additions on account of interest income have been deleted, concluded that penalty imposed u/s. 271(1)(c) of the Act is unsustainable. Decided in favour of assessee. - ITA Nos. 7797 And 7798/Del/2017 - - - Dated:- 10-5-2023 - Shri Saktijit Dey, Judicial Member And Shri M. Balaganesh, Accountant Member For the Assessee : Shri K.K. Juneja, Advocate For the Revenue : Shri N.S. Jangpangi, CIT/DR ORDER PER SAKTIJIT DEY, J.M.: Captioned appeals by the assessee arise out of a consolidated order dated 21.09.2017 of ld. Commissioner of Income-tax (Appe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... earch and seizure operation and other materials on record, was of the view that the interest component earned by the Assessee on the deposits in the foreign bank account has to be taxed in the year of accrual only. Since, the Assessee had not offered such interest income in the year of accrual, the Assessing Officer charged interest at the conversion rate prevailing during the relevant period and made additions of Rs.27,09,452/- and Rs.33,13,904/- in the assessment years 2010-11 and 2011-12 respectively. Of course, similar additions were also made in assessment year 1998-99 and assessment years 2004-05 to 2009-10. Based on such additions, the Assessing Officer initiated proceeding for imposition of penalty u/s. 271(1)(c) of the Act and ulti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that issues are covered by the earlier decisions of the Tribunal. 5. We have considered rival submissions and perused the materials on record. Undisputedly, the additions leading to imposition of penalty u/s. 271(1)(c) of the Act were on account of interest on the balance standing in the foreign bank account of the Assessee. It is a fact on record that the assessee had offered the entire balance standing in the foreign bank account along with accumulated interest thereon in the return of income filed for the assessment year 2013-14. However, the Assessing Officer was of the view that the interest income has to be assessed on accrual basis in the relevant assessment years, wherein, the interest income accrued. Accordingly, he added the in ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
