ITAT upheld addition in for Undisclosed Income held in LGT Bank in Liechtenstein

Mr. Hasmukh I. Gandhi Vs. Dy. CIT (ITAT Mumbai)

In this case Information was received by CBDT from German Authorities about bank account held by a trust named as Manichi Trust where economically beneficial ownership of the assets is of the appellant and his family members. Specific details such as date of birth, residential address, nationality, domicile etc., were available with the bank authorities. The summary of account as on 31.12.2001 also showed that the interest income had accrued on the deposits made in the said bank accoun

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