VASHDEV DARIANOMAL KALWANI,BAHERAMPURA AHMEDABAD vs. ITO, WARD-2, INTERNATIONAL TAX, AHMEDABAD

The lower authorities have made/confirmed the impugned addition holding that the assessee could not explain the source of the aforesaid amount invested by the assessee in purchase of property. The Ld. Counsel for the assessee has explained before us that the assessee is a NRI, resident of UAE since 1993 and has not earned any income in India except the bank interest on amount of deposited in his NRI accounts. The Ld. Counsel has further demonstrated that the entire amount was transferred form the Dubai bank account of the assessee as well as that his son to the account of the assessee in India, which was further invested for the purchase of property. The Ld. Counsel, therefore, has explained that it is not a case of unexplained investment in property, rather, the amount in question was invested out of the income earned by the assessee at Dubai, which was transferred from Dubai bank account to the bank account in India and further invested in the property. Therefore, there is no justification on the part of the lower authorities in making/confirming the impugned addition. The same is ordered to be deleted.