Estimation of foreign bank account deposit accepted as bank statement not submitted: Delhi HC

Pawan Kumar Jaggi Vs ACIT Central Circle-25 (Delhi High Court) Delhi High Court held that estimation of deposit in foreign bank account cannot be questioned in absence of assessee producing the bank account statement of the same. Accordingly, AO directed to re-examine the same provided the relevant statements are submitted. Facts- A search was conducted on the premises of the Assessee on 17.10.2000 and a debit card of the overseas bank – Barclays Bank, PLC St.40, Birmingham, London, United Kingdom was found in the joint name of the Assessee and his wife (Smt. Jyoti Jaggi). Thus, AO raised a ...