https://www.taxtmi.com/caselaws?id=293515 The Tribunal upheld the CIT(A)'s decision to delete the addition under section 68 of the Income Tax Act, dismissing the Revenue's appeal. The Tribunal found the declaration filed by the assessee before the ITO, Mumbai, to be valid and accepted the explanation regarding the source of cash brought into India from Pakistan. The Tribunal emphasized the lenient approach towards migrants from Pakistan as per the Board's Circular and concluded that the assessee had sufficient resources to cover the amount transferred. The concerns raised by the AO regarding sale agreements and internal bank transfers were deemed adequately addressed, leading to the dismissal of the Revenue's appeal. en-us Wed, 27 Sep 2017 00:00:00 +0530 Mon, 15 Feb 2021 13:53:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=293515 The Tribunal upheld the CIT(A)'s decision to delete the addition under section 68 of the Income Tax Act, dismissing the Revenue's appeal. The Tribunal found the declaration filed by the assessee before the ITO, Mumbai, to be valid and accepted the explanation regarding the source of cash brought into India from Pakistan. The Tribunal emphasized the lenient approach towards migrants from Pakistan as per the Board's Circular and concluded that the assessee had sufficient resources to cover the amount transferred. The concerns raised by the AO regarding sale agreements and internal bank transfers were deemed adequately addressed, leading to the dismissal of the Revenue's appeal. Case-Laws Income Tax Wed, 27 Sep 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=293515