Foreign HSBC Account Addition Deleted – BUP ID & Base Note Insufficient: ITAT Mumbai

ACIT Vs Hoshang Manekji Havewala (ITAT Mumbai) Foreign HSBC account addition deleted – BUP ID & “Base Note” held insufficient evidence; estimation @17% arbitrary – ITAT Mumbai In ACIT vs Hoshang Manekji Havewala (A.Ys. 1996-97 to 2000-01), reassessment was initiated based on information received from the French Government alleging undisclosed HSBC Geneva accounts with an assumed investment of US $3 million. The AO estimated income by applying a 17% annual return and made addition of ₹1.70 crore as unexplained income. The ITAT upheld the deletion made by CIT(A), observing that the...