ITAT ruled against the addition made under section 69 regarding ...

Income Tax Section 69 Addition Deleted As NRI Property Investment Through Banking Channels Found Valid With Documentation

February 8, 2025

Case Laws Income Tax AT

ITAT ruled against the addition made under section 69 regarding unexplained investment in Oberoi Reality property. The assessee had provided complete documentation, banking channel evidence, and proper explanations for the property purchase made in 2010. The tribunal found that AO and DRP failed to specify valid grounds for rejecting the submitted evidence. Since the property was purchased in 2010 with major payments made that year, the addition in AY 2018-19 was inappropriate. The tribunal also emphasized that money brought to India by non-residents for investment purposes is not taxable when proper remittance evidence exists through banking channels. The appeal was allowed, and the addition was deleted.

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ITAT ruled against the addition made under section 69 regarding ...

Income Tax Section 69 Addition Deleted As NRI Property Investment Through Banking Channels Found Valid With Documentation

February 8, 2025

Case Laws Income Tax AT

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