NRE Account Funds from Foreign Earnings Not Taxable in India; ITAT Ahmedabad deletes addition of ₹3.11 Cr

ITO (International Taxation)-1 Vs Madhav Vasant Dalvi (ITAT Ahmedabad) Income Tax Appellate Tribunal (ITAT) Ahmedabad, in a significant ruling on July 27, 2022, dismissed an appeal filed by the Income Tax Officer (International Taxation)-1 against Mr. Madhav Vasant Dalvi, a Non-Resident Indian (NRI). The case, pertaining to Assessment Year 2016-17, revolved around an addition of over Rs. 3.11 crore made by the Assessing Officer (AO) as unexplained credit, which the Commissioner of Income Tax (Appeals) [CIT(A)] had previously deleted. Mr. Dalvi, residing in Maseru, Lesotho, filed his income tax...