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Section 69 Addition Deleted as Property Investment Fully Funded from Foreign Salary
Case Law Details
- Case Name
- Rajnish Kasturchand Ostwal Vs ITO (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- 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, cont...
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