TaxTMI 
TaxTMI 
2025 (8) TMI 966
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.... 26.12.2023, arising out of the assessment order dated 31.10.2017 passed by the Assessing Officer under section 143(3) read with section 147 of the Act for the assessment year 2013-14. 2. Condonation of Delay 2.1 The impugned order of the CIT(A) was passed on 26.12.2023. As per section 253(3) of the Income-tax Act, 1961, the time limit for filing the appeal before the Tribunal is 60 days from the date of receipt of the order. In the present case, there is a delay of 326 days in filing the appeal before the Tribunal, as noted by the registry. 2.2 In support of the request for condonation of delay, the assessee has filed a duly notarised affidavit dated 02.01.2025 from the United States of America. It is explained therein that the as....
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....the information that the assessee purchased immovable property worth Rs. 25,24,250/- plus stamp duty of Rs. 1,25,000/- (total Rs. 26,49,250/-). Notice under section 148 was issued on 18.03.2017. In response, return filed on 01.08.2017 declaring total income of Rs. 15,301/- only. In response to notice by the AO, it was stated by the assessee that the property in question was purchased jointly with her father and other two co-owners and the payment towards her share of 25% was made out of NRE account No.17135 with Bank of Baroda. It was also explained that the bank account used for making the property payment was jointly held by the assessee and his father. However, no documentary evidence was filed to substantiate the source of funds, or the....
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....secution does not entitle the appellant to relief and further observed that the assessee had failed to discharge the burden of explaining the source of investment in the immovable property. The appeal was therefore dismissed ex parte, and the addition made by the Assessing Officer was upheld in full. 5. Aggrieved by the order of CIT(A), the assessee is in appeal before us raising following grounds of appeal: 1. The Hon'ble CIT(A) erred in law and facts of the case by passing ex-parte appellate order without considering the written Submissions, supporting evidences and additional evidences submitted dated 14.06.2018. 2. The Hon'ble CIT(A) erred in law and facts of the case by upholding the addition amounting to R....
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....nited States for more than 10 years, engaged in pharmacy business, and had filed income-tax returns in the USA, copies of which for the year 2010 were submitted at pages 13 to 18 of the paper book. The AR further submitted that the amount credited in the NRE account was sourced from Hudson City Savings Bank, NJ, USA. A copy of the relevant bank statement reflecting the wire transfers was placed at page 19 of the paper book. Additionally, the assessee also submitted confirmation from Bank of Baroda, Anand, evidencing the credit of wire transferred funds into the joint NRE account, placed at page 20 of the paper book. The AR contended that the entire transaction was routed through banking channels, fully explained with documentary evidence in....
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....25,24,250/- made from joint NRE Bank A/c No. 17135 with Bank of Baroda, Anand; - Source-wise fund trail of USD remittances from Hudson City Savings Bank, NJ, USA; - Copies of US income-tax returns for years 2010-2012; - Bank confirmation evidencing receipt of wire transfers in the NRE account; - Purchase deed of the property and identity of joint owners; - Confirmation that the assessee had 25% ownership and the source of investment was his foreign savings. 8.2 In our considered view, these documents go to the root of the matter and clearly support the assessee's contention that the source of the investment was foreign-earned income, duly remitted through legitimate banking channels, and credi....
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....eign remittances duly credited into the assessee's non-resident external account (NRE A/c) maintained in accordance with FEMA and RBI regulations. It is trite law that foreign currency remitted through normal banking channels into an NRE account and subsequently utilised for investment in India does not constitute taxable income of the resident recipient, particularly where such remittances represent savings from taxed foreign income. 8.6 In the present case, the source of the bank credits has been demonstrated to be foreign savings duly repatriated to India through authorised channels. The identity of the remitter (assessee himself), creditworthiness (substantiated by US returns), and genuineness of the transaction (documented wire tran....