9911796707
TMI Blog2023 (7) TMI 1210X X X X Extracts X X X X X X X X Extracts X X X X ..... quantum proceedings was rendered academic and therefore, was dismissed. Since the addition made by the AO while completing the assessment under section 147 of the Act was held to be beyond the jurisdiction by the coordinate bench of the Tribunal vide aforesaid order, we find no basis in the penalty levied under section 271(1)(c) of the Act based on the very same addition. Grounds raised by the Revenue are dismissed. - ITA no. 1382/Mum./2023 - - - Dated:- 27-7-2023 - Shri G.S. Pannu, President, And Shri Sandeep Singh Karhail, Judicial Member For the Assessee : Shri Anuj Kisnadwala For the Revenue : Smt. Mahita Nair ORDER The present appeal has been filed by the Revenue challenging the impugned order dated 17/02/2023 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... made towards undisclosed HSBC bank accounts held by the assessee and an appeal before the Hon'ble ITAT for AY 1997-98 has been preferred. 3. The only dispute raised by the Revenue is against the deletion of penalty levied under section 271(1)(c) of the Act. 4. The brief facts of the case as emanating from the record are: Information under Article 28 of the India-France Double Taxation Avoidance Agreement was received regarding the four undisclosed foreign bank accounts held with HSBC Bank, Geneva, Switzerland. As per the information, these bank accounts were in the name of four companies where four individuals, who are resident Indians and are cousin brothers belonging to the Mahindra Brothers group, are beneficial owners as pe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... waiver form waiving the protection of secrecy laws, so as to enable the government to get the requisite information and verify the details/letter furnished by the assessee. The Assessing Officer ( AO ) vide order dated 27/03/2015 passed under section 143(3) r/w section 147 of the Act held that the assessee, inter-alia, is the beneficial owner of the foreign bank account maintained with HSBC Bank, Geneva, Switzerland. The AO further held that the date of creation of the bank account was 02/02/1997, and the minimum balance required to open an account in HSBC Bank, Geneva was CHF (Swiss Franc) 100,000, in order to get the benefit of secrecy services provided by the bank. As the assessee has failed to disclose this amount in his return of incom ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ppeal by the Revenue against the order dated 15/09/2023 passed by the learned CIT(A) in quantum appeal, the coordinate bench of the Tribunal vide order dated 21/03/2023 passed in DCIT v/s Shri Milan Kavinchandra Parikh, in ITA No. 2933/Mum./2022, allowed the petition filed by the assessee under Rule 27 of ITAT Rules and held that the AO had no jurisdiction to make the addition under section 147 of the Act. Accordingly, the appeal filed by the Revenue in quantum proceedings was rendered academic and therefore, was dismissed. Since the addition made by the AO while completing the assessment under section 147 of the Act was held to be beyond the jurisdiction by the coordinate bench of the Tribunal vide aforesaid order, we find no basis in the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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