Non-Resident: Unsustainable Section 69 Addition for Investment in India

Vijaykumar Kanaiyalal Matta Vs ITO (ITAT Mumbai) Addition under Section 69 on non-resident unsustainable as income is invested in India but not arisen in India ITAT Mumbai rules that the addition made under Section 69 of the Income Tax Act is unsustainable for a non-resident taxpayer. The tribunal emphasizes that the income in question was invested in India but did not arise in India. Referring to relevant tax treaties and previous case decisions, the tribunal concludes that the income cannot be taxed in India as it falls outside the scope of residence and source jurisdiction. Facts- The asses...