Can't Fault AO's Estimation Of Undisclosed Deposits In Foreign Bank When Assessee Fails To Produce Account Statement: Delhi HC

The Delhi High Court has made it clear that it cannot fault the estimation of an Assessing Officer regarding the quantum of deposits made by an assessee in an undisclosed foreign bank, when the latter himself fails to produce the account statement. We find it difficult to accept that any interference with the estimation of the deposit made in the bank account, are called for in the absence of Assessee producing his own bank account statement,” a division bench of Justices Vibhu Bakhru and Swarana Kanta Sharma held in the 'peculiar' facts of the case. However, the High Court noted that the addition was made solely on the basis that the Assessee had maintained an overseas bank account and the deposits made in the said account were not disclosed. It ordered, “if the Assessee fails to produce the bank account within the period of twelve weeks from date, no such exercise is required to be undertaken by the AO and the impugned order passed by the learned ITAT shall stand confirmed.” Appearance: Advocates Ruchesh Sinha and Monalisa Maity for Appellant; SSC Abhishek Maratha, JSCs Apoorv Agarwal, Parth Samwal and Advocates Nupur Sharma, Gaurav Singh, Muskaan Goel, Himanshu Gaur and Paridhi Kohli for Revenue Case title: Shri Pawan Kumar Jaggi v. ACIT Central Circle-25 New Delhi Case no.