https://www.taxtmi.com/caselaws?id=765330 ITAT Ahmedabad allowed the appeal in favor of the assessee, deleting all additions made by AO regarding unexplained cash deposits and investments. The tribunal held that the assessee adequately explained the source of USD 50,000 deposited in her NRE account as withdrawals from a South African company where her spouse was director, supported by proper documentation. Additions for immovable property investment and registration charges were also deleted as the assessee provided sufficient evidence of sources through foreign company investment and son's advance respectively. The tribunal found revenue authorities' reasons for rejection were flimsy and arbitrary, noting all transactions were from NRE account with proper supporting documents. en-us Thu, 19 Dec 2024 00:00:00 +0530 Thu, 30 Jan 2025 08:24:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=765330 ITAT Ahmedabad allowed the appeal in favor of the assessee, deleting all additions made by AO regarding unexplained cash deposits and investments. The tribunal held that the assessee adequately explained the source of USD 50,000 deposited in her NRE account as withdrawals from a South African company where her spouse was director, supported by proper documentation. Additions for immovable property investment and registration charges were also deleted as the assessee provided sufficient evidence of sources through foreign company investment and son's advance respectively. The tribunal found revenue authorities' reasons for rejection were flimsy and arbitrary, noting all transactions were from NRE account with proper supporting documents. Case-Laws Income Tax Thu, 19 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=765330