VASHDEV DARIANOMAL KALWANI,BAHERAMPURA AHMEDABAD vs. ITO, WARD-2, INTERNATIONAL TAX, AHMEDABAD
Facts
The assessee, a Non-Resident Indian (NRI) residing in UAE since 1993, made an investment of Rs. 56,15,441/- in property in India. The lower authorities treated this as an unexplained investment, but the assessee contended that the funds originated from income earned in Dubai and were transferred from his and his son's Dubai bank accounts to his Indian bank account before being invested.
Held
The Tribunal found that the assessee successfully demonstrated that the investment amount was sourced from income earned in Dubai, which was subsequently transferred to India. Therefore, the Tribunal concluded that the addition for unexplained investment made by the lower authorities was not justified and ordered its deletion.
Key Issues
Whether the addition for unexplained investment in property was justified when the assessee provided evidence of funds originating from legitimate foreign income transferred to India.
Sections Cited
AI-generated summary — verify with the full judgment below
Income Tax Appellate Tribunal, “D” BENCH, AHMEDABAD
Before: Shri Sanjay Garg & Annapurna Gupta
आदेश की #ितिलिप अ$ेिषत/Copy of the Order forwarded to : 1. अपीलाथ% / The Appellant 2. #&थ% / The Respondent. 3. संबंिधत आयकर आयु' / Concerned CIT आयकर आयु' अपील 4. ( ) / The CIT(A)/Ward 2 Int.Tax.Ahmedabad 5. िवभागीय #ितिनिध आयकर अपीलीय अिधकरण अहमदाबाद/DR,ITAT, Ahmedabad. , , 6. गाड� फाईल / Guard file.
आदेशानुसार/ BY ORDER, स&ािपत #ित //True Copy// सहायक पंजीकार (Asstt. Registrar) आयकर अपीलीय अिधकरण, ITAT, Ahmedabad
Date of dictation (dictation pad is attached with file) : 1. 28.1.2026 : 2. Date on which the typed draft is placed before the 29.1.2026 Dictating Member. Date on which the approved draft comes to the Sr.P.S./P.S : 3. : 4. Date on which the fair order is placed before the Dictating Member for pronouncement. : 5. Date on which fair order placed before Other Member : 30.1.26 6. Date on which the fair order comes back to the Sr.P.S./P.S. : 30.1.26 7. Date on which the file goes to the Bench Clerk. : 8. Date on which the file goes to the Head Clerk. : 9. The date on which the file goes to the Assistant Registrar for signature on the order. : 10. Date of Despatch of the Order