Foreign remittance from disclosed LTCG can’t be treated as unexplained: ITAT Ahmedabad

Tejash Mahendrabhai Patel Vs ITO (ITAT Ahmedabad) Foreign remittance from disclosed LTCG can’t be treated as unexplained: ITAT Ahmedabad deletes ₹1.03 cr addition Ahmedabad Tribunal allowed Assessee’s appeal & deleted addition of ₹1,03,43,401 u/s 69A made on account of capital introduced during the year. Tribunal noted that the impugned amount represented remittance from Assessee’s own US bank account to ICICI Bank, India, & source stood fully explained as long-term capital gains on sale of shares in AY 2012-13, which were disclosed, scrutinised & accepted u/s 143(3) r.w....