No addition for NRI investment in mutual funds as the same was legitimate

ACIT Vs Rajan Sehgal (ITAT Delhi)

Conclusion: Additions made by AO on investment in mutual fund during the current assessment year was deleted as AO merely relied on the information’s gathered from individual transaction statements and AO failed to cross verify the same with relevant bank statements submitted by assessee.

Held: Assessee was a non-resident and maintaining non-residential status for more than 15 years. He was a regular filer of return of income declaring income sourced from India. AO had made the addition with the observ

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