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, scruti

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