Case Law Details
ITO Vs Ayesha Abid Ali (ITAT Hyderabad)
We find that the Assessing Officer has made the addition in the hands of the assessee of interest income from an A/c with HSBC held by the assessee jointly with her husband which was opened by his employer to deposit his salary income. Therefore, it is not an undisclosed foreign a/c of the assessee and therefore, the exception (d) to the circular will not apply. Therefore, this M.A is dismissed.
FULL TEXT OF THE ORDER OF ITAT HYDERABAD
This M.A.is filed by the Revenue u/s 254(2) of the I.T. Act seeking recall of the order of the Tribunal dated 23.8.2019 dismissing the Revenues appeal on account of low tax effect. The Revenue has stated as under:
“Appeal filed by the Department before the Hon’ble ITAT, B-Bench, Hyderabad vide ITA Nos. 931/Hyd/2015 dated 2308-2019 for the AY 200607 was adjudicated by the Hon’ble’ ITAT, Hyderabad, wherein as per the CBDT Circular No.3/2018 dated 11.07.2018 and Circular No.17 of 2019 dated 09.08.2019, the tax limit for filing of appeal by the Revenue before the Tribunal has been fixed at Rs.50 lakhs. Since the tax effect in this appeal is less than Rs.50 lakhs, the appeal was dismissed on account of low tax effect with the liberty to the Revenue to seek recall of the order.
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My wife holding saving account and I am secondary joint account holder. Interest income is credited in this joint account. I have also separate individual account and PAN number. My wife having her own PAN number. I include interest income from my individual account for Income Tax. Is it correct or not….