NRE Account Credits Cannot Be Taxed Without Proof They Are Unexplained: ITAT Ahmedabad

Rahulkumar Narshibhai Patel Vs ITO (ITAT Ahmedabad) The Income Tax Appellate Tribunal (ITAT), Ahmedabad, partly allowed an appeal filed by a Non-Resident Indian (NRI) against the order of the Commissioner of Income Tax (Appeals) for Assessment Year 2019-20. The dispute concerned additions made under Section 69A of the Income-tax Act on the basis of balances reported through the Statement of Financial Transactions (SFT) system in the assessee’s NRE bank accounts. The assessee, an individual employed in Kuwait, did not file an original return of income for the relevant assessment year. Based o...