No Tax to be levied on Interest received from Swiss Bank Accounts
Last updated: 06 August 2021
Court :
ITAT Delhi
Brief :
In The A.C.I.T. Central Circle-15, New Delhi v. Shri Krishan Lal Madhok 672, Tulsi Farms, Opp. Nanda Hospital Chattarpur, New Delhi ITA No. 3917 to 3921/DEL/2017 [A.YS 2006-07 to 2012-13] & ITA No.6648/DEL/2017 [A.Y 2007-08], the A.C.I.T. Central Circle-15 ('the Appellants') on the basis of information received from the Government of France under the Double Taxation Avoidance Convention (DTAC) wrongfully assumed that Shri Krishan Lal Madhok ('the Respondents') was earning an interest at the rate of 4% from his foreign Swiss Bank account, thereby included the same in his income while computing his tax returns.
Citation :
ITA No. 3917 to 3921/DEL/2017 [A.YS 2006-07 to 2012-13] & ITA No.6648/DEL/2017 [A.Y 2007-08]
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Bimal Jain
Published in Income Tax
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