DCIT VS. HEMANT MANSUKHLAL PANDYA (ITAT MUMBAI)
I.T.A NO. 4679/MUM/2016
16-11-2019
S. 68 Black Money in HSBC Bank Account (i) Non-residents are not required to
disclose their foreign bank accounts and assets to Indian income-tax authorities
(ii) The assessee cannot be asked to prove the negative that the credits found
in HSBC Bank is not sourced out of income derived from India (iii) the Govt. /
legislature never intended to tax foreign accounts of non residents (iv) mere
holding of an account outside India does not have led to the conclusion that the
amount is tax evaded.
