https://www.taxtmi.com/caselaws?id=311582 ITAT Ahmedabad dismissed revenue's appeal regarding mutual fund investment taxation. The assessee claimed investment source was from outside India through NRI repatriation funds, thus not taxable in India. CIT(A) directed AO to obtain certified documents from Standard Chartered Bank to verify the foreign source. Upon verification, AO deleted the addition as funds originated outside India. ITAT upheld CIT(A)'s decision, finding no infirmity in directions issued. Revenue's grounds lacked merit as the investment source was established as non-taxable foreign funds. en-us Fri, 16 Dec 2022 00:00:00 +0530 Thu, 04 Jan 2024 05:33:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=311582 ITAT Ahmedabad dismissed revenue's appeal regarding mutual fund investment taxation. The assessee claimed investment source was from outside India through NRI repatriation funds, thus not taxable in India. CIT(A) directed AO to obtain certified documents from Standard Chartered Bank to verify the foreign source. Upon verification, AO deleted the addition as funds originated outside India. ITAT upheld CIT(A)'s decision, finding no infirmity in directions issued. Revenue's grounds lacked merit as the investment source was established as non-taxable foreign funds. Case-Laws Income Tax Fri, 16 Dec 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=311582