Addition on protective basis deleted as bank account fraudulently opened in assessee’s name

Sh. Mandeep Singh Vs ITO (ITAT Amritsar)

ITAT Amritsar held that addition on protective basis in the hands of assessee not justified as bank account is fraudulently opened in his name without the assessee’s knowledge. Accordingly, appeal of assessee allowed and addition directed to be deleted.

Facts- The assessee is engaged in the business of retail trading of foreign liquor under license granted by the State Excise authorities. Proceedings u/s. 147 were initiated on the basis information gathered by the AO that the assessee has made cash deposit amounting

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