Undisclosed Foreign Bank Account: No Penalty on mere allegations without substantiated proof 

Charu Modi Bhartia Vs DCIT (ITAT Delhi)

In the case of Charu Modi Bhartia Vs DCIT before the ITAT Delhi, the tribunal overturned a penalty levied under Section 271(1)(b) of the Income Tax Act. The penalty stemmed from the assessee’s refusal to sign a consent waiver form regarding an alleged foreign bank account in HSBC Geneva. The tribunal noted that the assessee consistently denied ownership of any account with HSBC Geneva, citing lack of evidence linking her to such an account. She clarified that she held a single foreign account with HSBC London, details of which

Please become a Premium member. If you are already a Premium member, login here to access the full content.