DCIT CENTRAL CIRCLE 8(2), MUMBAI, MUMBAI vs. MUKESH D AMBANI, MUMBAI

ITA 5141/MUM/2024Status: DisposedITAT Mumbai31 January 2025AY 2001-02Bench: SHRI AMIT SHUKLA (Judicial Member), SHRI GIRISH AGRAWAL (Accountant Member)27 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that the BUP IDs were not account numbers and that the assessee did not hold any account beneficially with HSBC Bank, Geneva. The Tribunal also found that the reassessment proceedings were not valid.

What were the facts?

The Revenue appealed against the deletion of additions made on account of foreign bank accounts and interest income. The assessee had allegedly not disclosed these foreign accounts and income in his returns. The Assessing Officer reopened the assessment based on information received regarding foreign bank accounts held by the assessee.

What were the issues?

Whether the BUP IDs constituted bank accounts and whether the assessee had undisclosed foreign bank accounts and income. The validity of the reassessment proceedings was also an issue.

Which sections of the Income-tax Act were involved?

Section 143(3),Section 147,Section 148,Section 149(1)(c),Section 69A

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Income Tax Appellate Tribunal, “D” BENCH MUMBAI

Before: SHRI AMIT SHUKLA & SHRI GIRISH AGRAWAL

Hearing: 21.01.2025Pronounced: 31.01.2025

PER BENCH:

These six appeals filed by the Revenue and corresponding six Cross Objections filed by the assessee are against the order of Ld. CIT(A)-50, Mumbai, dated

The order continues below.

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