Mere discovery of a foreign bank account in the name of the ...

Foreign Bank Account Discovery Alone Doesn't Impose Tax Liability; Needs Concrete Evidence Under Income Tax Act, 1961.

April 26, 2021

Case Laws Income Tax AT

Mere discovery of a foreign bank account in the name of the assessee is not sufficient to thrust the tax liability without bringing on record the chargeability of the same under the provisions of the Income Tax Act,1961. It is the settled proposition of law that assessment cannot be carried out on the basis of guess work and there must be more than mere suspicion. In the present case, it is seen that there is no whisper of any enquiry or investigation carried out by the Assessing Officer to demonstrate the existence of source of income in India in respect of deposit found in foreign bank account. - AT

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Mere discovery of a foreign bank account in the name of the ...

Foreign Bank Account Discovery Alone Doesn't Impose Tax Liability; Needs Concrete Evidence Under Income Tax Act, 1961.

April 26, 2021

Case Laws Income Tax AT

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