https://www.taxtmi.com/caselaws?id=756060 ITAT Ahmedabad held that unexplained money provisions under section 69A read with section 115BBE cannot be applied to a non-resident assessee who remitted funds from his overseas bank account in Hong Kong to his NRE account in India. The assessee provided Foreign Inward Remittance Certificate and other documents establishing his non-resident status and overseas source of funds. Since there was no business connection with India or income earned in India, the assessee discharged the primary onus regarding source of funds being outside India. The addition made by AO was deleted and appeal allowed. en-us Wed, 24 Jul 2024 00:00:00 +0530 Fri, 26 Jul 2024 09:08:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=756060 ITAT Ahmedabad held that unexplained money provisions under section 69A read with section 115BBE cannot be applied to a non-resident assessee who remitted funds from his overseas bank account in Hong Kong to his NRE account in India. The assessee provided Foreign Inward Remittance Certificate and other documents establishing his non-resident status and overseas source of funds. Since there was no business connection with India or income earned in India, the assessee discharged the primary onus regarding source of funds being outside India. The addition made by AO was deleted and appeal allowed. Case-Laws Income Tax Wed, 24 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=756060