Non-resident assessee, a regular income tax filer, was subject ...

NRI's unexplained mutual fund investment & capital gains get relief after submitting evidence on foreign income source.

Case Laws Income Tax

November 22, 2024

Non-resident assessee, a regular income tax filer, was subject to best judgment assessment u/s 144 for unexplained investment in mutual funds u/s 69. Assessee submitted additional evidence u/r 46A, which the Assessing Officer and CIT(A) failed to consider properly. ITAT observed assessee is an NRI with income sourced outside India, and the investment was traceable from bank statements. CIT(A) rightly deleted the addition on mutual fund investment and long-term capital gains on sale of equity-oriented mutual funds, being exempt u/s 10(38). ITAT upheld CIT(A)'s order, finding no reason to interfere given the evidence on record.

View Source

← Previous Next →

Non-resident assessee, a regular income tax filer, was subject ...

NRI's unexplained mutual fund investment & capital gains get relief after submitting evidence on foreign income source.

Case Laws Income Tax

November 22, 2024

You may also like:

Correct head of income - interest on FD and gain of sale of mutual funds invested out of unutilized borrowed fund - interest/gains earned by the assessee company during...

Redemption of units of mutual funds - capital gain or business income - the intention for purchase of mutual funds was only for the purpose of investment and held for...

The case deals with the applicability of Section 54EC of the Income Tax Act, which provides exemption from capital gains tax if the gains are invested in specified bonds...

LTCG - Exemption claimed u/s. 54F - Failure to deposited in capital gain deposit scheme - The appellant sold a property, deposited the sale proceeds in a capital gain...

Nature of Income – Mutual funds sold - business income or capital gains - units of mutual funds are not freely transferable nor tradable and thus cannot be categorized...

The definition of "Specified Mutual Fund" u/s 50AA is proposed to be amended to provide clarity regarding the proportion of investment in debt and money market...

Interest incurred claimed as a deduction u/s. 57(iii) out of interest earned from mutual funds - In our opinion, unless funds are borrowed for making deposit to earn...

Tax residency certificate and Global Business License-I held by assessee investment fund incorporated in Mauritius as subsidiary of another Mauritian company....

Source of funds for investment made in mutual funds - when the partnership firm and its partners are seen holistically and in a combined manner with costs towards...

Correct head of income - the nature of gains from mutual fund redemptions - these gains were capital gains, not business income - no substantial question of law arises - HC

Key legal issues and the Tribunal's holdings: Agricultural land sold by assessee situated beyond municipal limits cannot be treated as capital asset u/s 2(14). Addition...

Sale of investments - Short term capital gain V/S business income - The assessee has accounted for these investments in shares as capital asset in its books of accounts...

Income earned profit on sale of mutual funds - capital gain OR business income - Holding period of the assessee is minimum of 72 days and maximum of 186 days - profit of...

Insertion of new section 54EE- Capital gain not to be charged on investment in units of a specified fund. - to provide exemption from capital gains tax if the capital...

SEBI amended Alternative Investment Funds (AIF) Regulations to introduce a new Chapter III-D for "migrated venture capital funds" - funds previously registered as...

Quick Updates: