https://www.taxtmi.com/caselaws?id=462957 The ITAT Jaipur held that the cash deposit in the NRE account could not be treated as income since the account prohibits INR cash deposits and only foreign currency deposits are allowed. The AO failed to verify the bank details properly and made an unwarranted addition of Rs. 86,00,000. The assessee, a long-term NRI, demonstrated through bank statements and affidavit that the funds were wired foreign currency, not cash income. Consequently, the credited amount was not taxable income in India. The tribunal declined to remand the matter and directed the AO to delete the addition. The assessee's appeal was allowed. en-us Mon, 19 Feb 2024 00:00:00 +0530 Mon, 28 Jul 2025 07:14:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=462957 The ITAT Jaipur held that the cash deposit in the NRE account could not be treated as income since the account prohibits INR cash deposits and only foreign currency deposits are allowed. The AO failed to verify the bank details properly and made an unwarranted addition of Rs. 86,00,000. The assessee, a long-term NRI, demonstrated through bank statements and affidavit that the funds were wired foreign currency, not cash income. Consequently, the credited amount was not taxable income in India. The tribunal declined to remand the matter and directed the AO to delete the addition. The assessee's appeal was allowed. Case-Laws Income Tax Mon, 19 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=462957