https://www.taxtmi.com/caselaws?id=762041 ITAT Delhi upheld CIT(A)'s order deleting additions made by AO under sections 69 and capital gains provisions. The case involved a non-resident assessee maintaining NRI status for over 15 years who regularly filed returns declaring India-sourced income. AO completed best judgment assessment under section 144 without providing proper opportunity to assessee. CIT(A) correctly deleted additions on mutual fund investments after considering additional evidence submitted under Rule 46A, finding income sources traceable from bank statements. ITAT also upheld deletion of LTCG additions on equity mutual funds, ruling transactions were exempt under section 10(38). Revenue's appeal dismissed entirely. en-us Wed, 20 Nov 2024 00:00:00 +0530 Fri, 22 Nov 2024 07:50:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762041 ITAT Delhi upheld CIT(A)'s order deleting additions made by AO under sections 69 and capital gains provisions. The case involved a non-resident assessee maintaining NRI status for over 15 years who regularly filed returns declaring India-sourced income. AO completed best judgment assessment under section 144 without providing proper opportunity to assessee. CIT(A) correctly deleted additions on mutual fund investments after considering additional evidence submitted under Rule 46A, finding income sources traceable from bank statements. ITAT also upheld deletion of LTCG additions on equity mutual funds, ruling transactions were exempt under section 10(38). Revenue's appeal dismissed entirely. Case-Laws Income Tax Wed, 20 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762041