NRI Bank Deposit through Foreign Remittance Not Taxable Income: ITAT Jaipur

Ravindra Gaur Vs ITO (ITAT Jaipur) The Income Tax Appellate Tribunal (ITAT) Jaipur has ruled in favor of Ravindra Gaur, a senior citizen and Non-Resident Indian (NRI), directing the Income Tax Officer (ITO) to delete an addition of Rs. 86,00,000/- to his income. The case originated from information held by the Assessing Officer (AO) regarding a significant cash deposit in Gaur’s bank account. However, the ITAT found that the account in question was a Non-Resident External (NRE) account, into which Indian Rupees cash deposits are not permitted, only foreign currency. The Tribunal noted th...