https://www.taxtmi.com/caselaws?id=447756 ITAT Rajkot ruled in favor of the assessee regarding unexplained investment under Section 69. The non-resident assessee with UK passport received wire transfers from son's NRE account in UK to his own NRE account for mutual fund investments. Revenue authorities added the amount as unexplained investment solely because assessee couldn't explain the source, despite acknowledging the wire transfer from son's NRE account. ITAT held that money brought to India by non-residents through banking channels discharges the onus under Section 69, and no addition was sustainable. The appeal was allowed. en-us Wed, 20 Dec 2023 00:00:00 +0530 Wed, 03 Jan 2024 10:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=447756 ITAT Rajkot ruled in favor of the assessee regarding unexplained investment under Section 69. The non-resident assessee with UK passport received wire transfers from son's NRE account in UK to his own NRE account for mutual fund investments. Revenue authorities added the amount as unexplained investment solely because assessee couldn't explain the source, despite acknowledging the wire transfer from son's NRE account. ITAT held that money brought to India by non-residents through banking channels discharges the onus under Section 69, and no addition was sustainable. The appeal was allowed. Case-Laws Income Tax Wed, 20 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=447756