ITAT Ahmedabad Deletes ₹26.49 Lakh Addition u/s 69A: NRE Remittances Held Genuine

Nehal Ramanbhai Patel Vs ITO (ITAT Ahmedabad) ITAT Ahmedabad deletes ₹26.49 Lakh addition u/s 69A – Foreign Remittances in NRE Account accepted as genuine source for property purchase Ahmedabad ITAT   deleted an addition of ₹26,49,250/- made as unexplained money under section 69A in respect of investment in immovable property, holding that the assessee had satisfactorily proved that the source was foreign-earned income remitted through legitimate banking channels into his Non-Resident External (NRE) account. Assessee, an NRI engaged in pharmacy business in the USA for over a decade, ...