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Facts
The Revenue filed appeals against the CIT(A)'s orders, which deleted additions made by the AO for multiple assessment years. These additions, totaling Rs. 43,97,038/-, were made on a protective basis for undisclosed interest income from deposits in HSBC Bank, Geneva, amounting to Rs. 10.99 crore.
Held
The Tribunal confirmed the CIT(A)'s decision to delete the protective additions. It was noted that substantive additions related to the same issue had already been dealt with in the case of Sh. Anurag Dalmia, rendering the protective additions in the assessee's case liable for deletion.
Key Issues
Whether the CIT(A) erred in deleting protective additions made by the AO on account of undisclosed interest income from foreign bank deposits, when substantive additions for the same matter were addressed in a related case.
Sections Cited
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Income Tax Appellate Tribunal, DELHI BENCH ‘G’, NEW DELHI
Before: Dr. B. R. R. KumarSh. Anubhav Sharma
ORDER
Per Dr. B. R. R. Kumar, Accountant Member:
The present appeals have been filed by the Revenue against the orders of ld. CIT(A)-29, New Delhi dated 11.08.2017.
Since, the issue involved in all these appeals are similar, they were heard together and being adjudicated by a common order. In following grounds have been raised by the Revenue:
“1. That on the facts and in the circumstances of the case the Ld. CIT(A) has erred in law and on facts in deleting the addition of Rs. 43,97,038/- made by the AO on account of undisclosed interest income on the undisclosed deposits of Rs. 10.99 crore in HSBC Bank, Geneva without appreciating the fact that the assessee had not submitted any details regarding the same during the assessment proceedings or appellate proceedings. 2. That the grounds of appeal are without prejudice to each other.”
2 to 6554/Del/2017 Sanjay Dalmia 3. On going through the record, we find that the ld. CIT(A) has deleted the addition made on protective basis citing that the additions in substantive capacity have been dealt in the case of Sh. Anurag Dalmia and protective additions have been made in the case of the assessee. The ld. DR could not bring on record anything contrary to the observation of the ld. CIT(A). Hence, the protective additions made in the case of the assessee are liable to be deleted.
The order of the ld. CIT(A) is hereby confirmed.
In the result, the appeals of the Revenue are dismissed. Order Pronounced in the Open Court on 16/04/2024.