| COURT: | ITAT Mumbai |
| CORAM: | G. Manjunatha (AM), Pawan Singh (JM) |
| SECTION(S): | 68, 69 |
| GENRE: | Domestic Tax |
| CATCH WORDS: | HSBC Black Money, unexplained cash credit |
| COUNSEL: | Dr. K. Shivram, Rahul Sarda |
| DATE: | November 16, 2018 (Date of pronouncement) |
| DATE: | November 21, 2018 (Date of publication) |
| AY: | 2006-07, 2007-08 |
| FILE: | Click here to view full post with file download link |
| CITATION: | |
| 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 | |
It is very clear from the clarifications issued by the Government itself that the legislature does not wish to take any action in respect of non residents holding foreign bank accounts. Further, even in the excel utility of return of income in the income-tax department website, the moment a person fills his residential status as non resident, the excel utility prevents filling of columns pertaining to foreign assets. Even, the Hon’ble Finance Minister has clarified that all accounts in foreign bank may not be illegal as they may belong to NRI. Thus, even the government has acknowledged the fact that an NRI foreign bank account is not illegal
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