https://www.taxtmi.com/caselaws?id=757892 ITAT Chennai held that foreign remittances credited to NRE account were adequately explained by the assessee. The assessee demonstrated sufficient income earned abroad, which was brought to India through NRE account, with part used for gifts to brothers. The tribunal found the source of credits properly explained, rejecting the revenue's addition under section 68. CIT(A)'s deletion of the addition was confirmed, deciding in favor of the assessee for both assessment years. en-us Wed, 07 Aug 2024 00:00:00 +0530 Wed, 04 Sep 2024 08:19:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=757892 ITAT Chennai held that foreign remittances credited to NRE account were adequately explained by the assessee. The assessee demonstrated sufficient income earned abroad, which was brought to India through NRE account, with part used for gifts to brothers. The tribunal found the source of credits properly explained, rejecting the revenue's addition under section 68. CIT(A)'s deletion of the addition was confirmed, deciding in favor of the assessee for both assessment years. Case-Laws Income Tax Wed, 07 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=757892