Section 68: Unexplained Cash Credits from NRIs via NRE Account Not Taxable per CBDT Circular on Investments.

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....Addition u/s 68 - unexplained cash credit - amount received by the assessee from the NRIs - Admittedly, all the transactions were routed through the banking channel i.e. NRE account. In this regard, we find that there is a circular issued by the CBDT wherein it was instructed that there cannot be any tax liability on the amount remitted by the NRI in India for investment in India - AT....