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Addition Set Aside Because Crypto Trades Cannot Be Assumed Without Bank Evidence
Case Law Details
- Case Name
- Anurodh Sahu Vs ITO (ITAT Jabalpur)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2018-19
- Courts
- All ITAT, ITAT Jabalpur
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Anurodh Sahu Vs ITO (ITAT Jabalpur)
NRI’s Crypto Transactions Alleged at ₹1.31 Cr — Tribunal Says ‘Confront Evidence First’- ITAT Holds AO Cannot Add Unexplained Investment Without Sharing Exchange Records
Assessee, an NRI serving on a foreign vessel, did not file ROI for AY 2018-19. Based on information from Koinex crypto exchange alleging purchases of ₹1,31,31,481 & sales of ₹1,28,58,585, reassessment was initiated u/s 147. Assessee stated that crypto transactions were only to the extent of ₹11 lakhs, entirely routed through his SBI NRO account; further asserted that Koin...
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