Refund of Deposit from Company Not Unexplained Cash Credit: ITAT Delhi

Ravi Kumar Vs DCIT (ITAT Delhi) Refund of Deposit from Company Not Unexplained Cash Credit- ITAT Delhi Deletes ₹1.63 Cr Addition Delhi ITAT has given significant relief to Shri Ravi Kumar, by deleting an addition of ₹1.63 crore made u/s 68. The case arose when AO reopened the assessment on the ground that Assessee had made foreign remittances of ₹5.88 crore from his NRO account which were not reflected in his return of income. On verification, Assessee explained that the source comprised gifts of ₹4.63 crore from parents & brothers, & ₹1.63 crore received from M/s S. R. Credi...