Rajnish Kasturchand Ostwal v. ITO (IT) (2025) 238 TTJ 737 / (2026) 216 ITD 24 (Mum.)(Trib.)

S. 69: Unexplained investments-Non-Resident Indian-Investment in property out of foreign salary remitted through NRE account cannot be assessed under section 69. [S. 5(2)]

The assessee, an NRI, produced bank statements, remittance records, salary documents and other evidence establishing that the investment in immovable property was made from foreign salary earned abroad and remitted through banking channels. As the Revenue failed to rebut the evidence and the income was not taxable in India under section 5(2), the addition under section 69 was deleted. (AY. 2016-17).

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