No Tax for Interest on Swiss Bank Accounts based on mere assumption

ACIT Vs Krishan Lal Madhok (ITAT Delhi)  A.C.I.T. on the basis of information received from the Government of France under the Double Taxation Avoidance Convention wrongfully assumed  that Shri Krishan Lal Madhok was earning an interest at the rate of 4% from his foreign Swiss Bank account, thereby included the same in his income while computing his tax returns. The Hon’ble bench of Income Tax Tribunal, Delhi denied the same as there was no mention of interest in the information provided by the French Government, and held that the Assessing Officer’s decision defies the taxability of the...