Explained LRS Remittances Can’t Be Taxed as Peak Credit

Rajul Jayendra Shah Vs DCIT (ITAT Mumbai) Explained LRS Remittances Can’t Be Taxed as Peak Credit: ITAT Mumbai Deletes s.68 Addition on Foreign Bank Balance ITAT Mumbai (D Bench) in Rajul Jayendra Shah vs DCIT (ITA No. 6512/Mum/2025, AY 2017-18, order dated 24.12.2025) has allowed the assessee’s appeal, deleting the addition of ₹1.72 crore u/s 68 made on account of alleged unexplained peak balance in a foreign bank account. The Assessee had two Wells Fargo (USA) bank accounts, which were scrutinised under CASS. The AO added the combined peak balance of ₹3.47 crore, alleging lack of exp...