9911796707
TMI Blog2024 (9) TMI 193X X X X Extracts X X X X X X X X Extracts X X X X ..... hich stood deleted by the Tribunal vide its order [ 2021 (6) TMI 99 - ITAT DELHI] we hold that there cannot be any addition towards notional interest income that can be made in the hands of the assessee for year under consideration also. Accordingly, the grounds raised by the assessee are allowed. - SHRI M. BALAGANESH, ACCOUNTANT MEMBER AND SHRI ANUBHAV SHARMA, JUDICIAL MEMBER For the Appellant : Dr. Rakesh Gupta, Adv., Shri Somil Agarwal, Adv., Shri Tarun Kumar, Adv For the Respondent : Shri Kanv Bali, Sr. DR ORDER PER M. BALAGANESH, A. M.: 1. The appeal in ITA No.5422/Del/2017 for AY 2014-15, arises out of the order of the Commissioner of Income Tax (Appeals)-24, New Delhi [hereinafter referred to as ld. CIT(A) , in short] in Appeal No. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is appeal is whether the ld CIT(A) was justified in confirming the addition made on account of notional interest income on alleged deposit with HSBC Bank Account in Geneva. 4. We have heard the rival submissions and perused the material available on record. The return of income for AY 2014-15 was filed by the assessee on 08.09.2014 declaring loss of Rs. 6,86,251/- from business and profession. During the course of scrutiny assessment proceedings, information was called for from the assessee in respect of foreign bank account held with HSBC Bank, Geneva and interest income thereon. The ld AO also observed that there was search operation conducted on the assessee on 28.07.2011. As per information available with the department, the assessee ha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... k account was ever maintained by assessee or his wife with HSBC Bank, Geneva and hence, there is no question of adding any notional interest income thereon @4% on the alleged deposit balance. Further, he submitted that though the ld AO in para 4.2 of his order had stated that protective assessment of the same notional interest income has been made in the hands of Smt Sneh Lata Sawhney, but no such protective assessment was ever framed in the hands of wife. The ld AR submitted that this may be taken as a statement made from the bar. He also placed on record the Tribunal order passed in the case of the assessee for AY 2006-07 to 2011-12 in ITA Nos. 427-432/Del/2017 dated 01.06.2021, wherein, the addition made on account of alleged deposit bal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nce, we hold that decision rendered in the case of Renu Tharani is factually distinguishable. Moreover, on perusal of the assessment order for AY 2006-07 u/s 153A read with section 143(3) of the Act dated 02.03.2015 which is enclosed in pages 1 to 9 of the PB, we find that there was a document found and seized during the course of search titled as Annexure A-1 of party SR-1 found and seized from Sri Praveen Sawhney (son of assessee). The said document containing seized document is reproduced in pages 6 and 7 of the paper book and form part of the assessment order dated 02.03.2015 for AY 2006-07. The said seized document nowhere mentions the name of the assessee or his wife and it only mentions the name of Shri Praveen Sawhney. We find that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sessment years under appeals and as per information provided vide letter Dated 26.06.2015 no such information could be provided prior to 01.04.2011. Therefore, Swiss Authorities have not provided any information to Revenue Authorities in India about assessee's bank account with HSBC, Geneva, Switzerland for assessment years under appeals i.e., A.Ys. 2006-2007 to 2011-2012. Thus, there is no incriminating material available on record to make any addition in any assessment years. It may also be noted here that assessee since the very beginning denied to have maintained any such bank accounts with HSBC, Geneva, Switzerland. There is no material available on record that assessee made deposits in HSBC Bank A/c in A.Y. 2006-2007 or thereafter ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
