Case Law Details
Case Name : Rajnish Kasturchand Ostwal Vs ITO (ITAT Mumbai)
Related Assessment Year : 2016-17
Courts :
All ITAT ITAT Mumbai
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Rajnish Kasturchand Ostwal Vs ITO (ITAT Mumbai)
NRI Salary Savings Fully Explained: ITAT Mumbai Deletes ₹2 Cr Addition—Complete Foreign Fund Trail Proved
In this appeal, the NRI assessee challenged reopening u/s 147 & the addition of ₹2,00,00,000 u/s 69 on the allegation that investment in a residential property in India was unexplained. Assessee had been living & working in Dubai since 2001 & returned to India only in 2021; hence no income arose or accrued in India during AY 2016-17.
During assessment & DRP proceedings, Assessee produced a complete, contemporaneous, &...
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