https://www.taxtmi.com/caselaws?id=59396 A receipt credited to a capital account was treated as protected by a statutory foreign-exchange remittance immunity scheme where the basic material showed payment through an NRE account and the Department produced no positive contrary evidence. On that footing, addition as unexplained income under section 68 was held unsustainable, and the binding CBDT circular was applied to bar enquiry once the basic conditions were shown. Reassessment also could not be sustained because it was founded on suspicion and retracted statements rather than material meeting the standard of reason to believe; reopening on mere conjecture was invalid in law. en-us Fri, 29 May 2009 00:00:00 +0530 Wed, 05 Jun 2013 15:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59396 A receipt credited to a capital account was treated as protected by a statutory foreign-exchange remittance immunity scheme where the basic material showed payment through an NRE account and the Department produced no positive contrary evidence. On that footing, addition as unexplained income under section 68 was held unsustainable, and the binding CBDT circular was applied to bar enquiry once the basic conditions were shown. Reassessment also could not be sustained because it was founded on suspicion and retracted statements rather than material meeting the standard of reason to believe; reopening on mere conjecture was invalid in law. Case-Laws Income Tax Fri, 29 May 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59396