ITO vs. Rajeev Suresh Ghai (ITAT Mumbai)

Court: Mumbai Tribunal
Head Notes:

S. 69 : Unexplained investments-Non-resident-On money-Foreign Resident cannot be taxed under section 69 of the Act-DTAA India -UAE. [S. 132(4), Art. 22]
Where the assessee is a non-resident Indian, the assessee had paid cash amounts, as ‘on money’ to certain Builders in India. This amount was treated as an “unexplained investment” under section 69 of the Act. It was held that as per Article 22 of DTAA between India and UAE, as the unexplained investments are not made out of incomes generated in India, they have to be taxed in the Resident jurisdiction. Order of CIT(A) deleting the addition was affirmed. (ITA No. 6290/Mum/2019 dated November 23, 2021). (AY. 2010-11)

[Coram : Pramod Kumar (Vice President), and Ravish Sood (Judicial Member)]

Section(s): 69
Counsel(s): Hiro Rai, Advocate
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Date of upload: November 30, 2021

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