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Case Law Details

Case Name : Pratap Joisher Vs ACIT (ITAT Mumbai)
Appeal Number : ITA No. 3797/M/2019 &
Date of Judgement/Order : 3798/M/2019
Related Assessment Year : 28/03/2023
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Pratap Joisher Vs ACIT (ITAT Mumbai)

ITAT Mumbai held that assessment framed on the basis of ‘base note’ without preferring to collect evidence based on ‘consent waiver form’ is not sustainable in the eyes of law.

Facts-On receiving information by the Central Board of Direct Taxes (CBDT) from French Authority under Article 28 of the Indo France Fiscal Convention (Treaty) of 29th September 1992 qua banking relationship maintained by the assessee at HSBC Bank, Geneva, Switzerland which he has not disclosed in his return of income.

The assessee was called upon to explain as to why the bank account with HSBC Bank, Geneva, Switzerland should not be treated as undisclosed bank account and amount of Rs.5,47,49,792/- & Rs.9,85,58,995/-for A.Y. 2006-07 & 2007-08 respectively found as peak credit balance be not added in his income for A.Y. 2006-07 & 2007-08. Declining the contentions raised by the assessee that the assessee is not having any bank account as alleged and the information referred to as “base note” has nothing to do with the assessee the AO reached the conclusion that the assessee has bank account with HSBC Bank, Geneva, Switzerland.

Conclusion-Held that vide the ‘consent waiver form’ the assessee has given unconditional consent for providing documents pertaining to the bank accounts in question to the Income Tax Department, Government of India, in both paper and electronic form, however the AO has not preferred to collect the evidence which was readily available but proceeded to frame the assessment on the basis of “base note” which is not sustainable in the eyes of law.

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