Sec 69 Addition Deleted – NRI Property Funded by Overseas Remittances via Mother’s Bank Trail – ITAT Mumbai

Johnson Praveen Quadros Australia Vs ITO (ITAT Mumbai) Sec 69 Addition Deleted – NRI Property Investment Explained Through Overseas Remittances & Mother’s Bank Trail – ITAT Mumbai AO reopened assessment alleging unexplained investment of ₹14.70 lakh u/s 69 towards purchase of immovable property by NRI assessee and invoked Sec 115BBE. Assessee explained that funds were sourced from overseas earnings transferred to mother’s account and later utilised for property purchase; documentary evidence including bank trail, term deposits and maturity proceeds were furnished. ITAT he...