Assessment framed on the basis of mere ‘base note’ is unsustainable

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 ban...