SHRI VINODKUMAR HIRALAL RAJA,,RAJKOT vs. THE INCOME TAX OFFICER, INTL. TAXN., RAJKOT

ITA 50/RJT/2018Status: DisposedITAT Rajkot20 December 2023AY 2006-07Bench: SHRI WASEEM AHMED (Accountant Member), SHRI SIDDHARTHA NAUTIYAL (Judicial Member)16 pages
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What did the Tribunal hold?

The Tribunal held that since the assessee and his son were non-residents and the funds were transferred through banking channels from overseas to an NRE account, the additions were not sustainable. The Tribunal found a lack of proper application of mind by the lower authorities.

What were the facts?

The assessee, a non-resident, invested a significant sum in mutual funds in India using funds transferred from his son's overseas account to his NRE account. The Assessing Officer made additions for unexplained investment and cash credits, which were upheld by the CIT(A).

What were the issues?

Whether investments made in India by a non-resident from funds received from another non-resident through banking channels into an NRE account are taxable in India as unexplained investment or cash credit.

Which sections of the Income-tax Act were involved?

Section 69,Section 68

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Cases cited in this judgment(11)Show list

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Income Tax Appellate Tribunal, RAJKOT BENCH, RAJKOT

Before: SHRI WASEEM AHMED & SHRI SIDDHARTHA NAUTIYAL

For Appellant: Shri R. D. Lalchandani, A.R
For Respondent: Shri Shramdeep Sinha, CIT DR
Hearing: 13.12.2023Pronounced: 20.12.2023

Heard together (2 matters)

I.T.A. No.50/Rjt/2018
I.T.A. No.51/Rjt/2018

Read from the judgment's own cause title. This page is filed under one of them.

PER SIDDHARTHA NAUTIYAL, JM: Both the appeals have been filed by the assessees against the order passed by the Ld. Commissioner of Income Tax-13, (in short “Ld. CIT(A)”), Ahmedabad in Appeal No. CIT(A)-13/Intl. Taxn./Ahd/35/2016- 17 and Appeal No. CIT(A)-13/Intl. Taxn./Ahd/36/2016-17 vide order dated 22.12.2017 passed for Assessment Yea

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