ITAT deletes addition for duly explained peak balance in HSBC accounts

Nagappan Arunachalam Vs ITO (ITAT Delhi) The ld. CIT(A) has sustained an addition u/s 69A equal to 50% of the peak balance in HSBC accounts jointly held with the spouse. The Ld. CIT(A) erred in holding that the Appellant was not able to rebut the issues raised by the AO during remand proceedings as the Assessee has not filed narrations/nature of credit and not submitted computation of income tax filed in USA/UK to substantiate the credits were not taxable in India. Before us it was submitted that the complete narration of each and every entry in the 3 accounts were produced before the learned ...