Property Bought Using UAE Earnings Not Taxable as Unexplained

Vashdev Darianomal Kalwani Vs Ward-2 (ITAT Ahmedabad) NRI’s Overseas Funds for Property Purchase Cannot Be Treated as Unexplained Investment The Ahmedabad Bench of the Income Tax Appellate Tribunal allowed the appeal of an NRI assessee for AY 2015-16 and deleted the addition of ₹56.15 lakh made as unexplained investment in property. The Tribunal noted that the assessee was a long-standing NRI residing in the UAE and had no taxable income in India except bank interest. It was conclusively demonstrated that the entire investment was funded through remittances from the assessee’s and his so...