ITAT Deletes Unexplained Money Addition: NRI Loan Repayment Held Non-Taxable

Kuldeep Marwah Vs DCIT (ITAT Delhi) Background: The assessee, Mr. Kuldeep Marwah, a permanent resident of the Republic of South Africa, was subjected to reassessment under Section 147 r.w.s. 144C(13) of the Income Tax Act, 1961, after certain high-value financial transactions were flagged under the CBDT’s Risk Management Strategy (NMS cases). These included: Investment in mutual funds: ₹19.2 lakh Time deposits: ₹1.3 crore Cash deposits: ₹19.1 lakh Closing balances in MF accounts: ₹18.93 lakh Foreign inward remittance (u/s 195): ₹58,998 The assessee had not filed his retur...