Assessee is an NRI filed his return of income and claimed exempt income towards interest received on NRE bank accounts and capital gains on sale of share.\u00a0 As regards inward remittances the AO\u00a0 treated the receipts from dubious companies mentioned in panama papers and accordingly\u00a0\u00a0 made additions under section 68\u00a0 of the Act. On appeal the\u00a0 assessee had filed additional evidence in form of certain e-mails between TII and its bankers, certificates of incumbency of two customers of TII to prove genuineness of said transaction. Tribunal held that\u00a0\u00a0 just because assessee had received money from a company based in BVI, it could not be taxed as unexplained credit, however the burden on assessee to prove the source. Accordingly the matter was to be remitted back to file of Commissioner (Appeals) with a direction to adjudicate on matter de novo after giving assessee one more opportunity to prove creditworthiness of said company and genuineness of transaction.\u00a0 Tribunal also held that Article 24(1) can come into play only when discrimination is based on nationality,\u00a0 if interest is wrongly charged by Assessing Officer, then just because assessee is a Portuguese citizen, it does not amount to non-discrimination under Indo-Portuguese tax treaty. (AY. 2016-17)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 10(4) : Non-resident-Interest received on NRE bank accounts-Capital gains on sale of shares-Unexplained cash credits-Amount received money from a company based in British Virgin Island-Matter remanded to the file of CIT(A)-Method of elimination of double taxation-Portuguese citizen-Interest wrongly charged-Does not amount to non-discrimination under Indo-Portuguese tax treaty-DTAA-India-Portugal. [S. 68, Art. 24(1)] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-35536","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-9fa","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/35536","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=35536"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/35536\/revisions"}],"predecessor-version":[{"id":35537,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/35536\/revisions\/35537"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=35536"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=35536"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=35536"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}