2025 (11) TMI 1073

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....44C(5). In this appeal, the assessee has challenged not only the validity of the reopening under section 147 but also the addition of Rs.2,00,00,000 made under section 69 on the allegation that the investment in a residential property during the relevant year was unexplained. 2. The assessee is a Non-Resident Indian who had been living and working in Dubai since 2001 and returned to India only in 2021. During the relevant previous year for A.Y. 2016-17, the assessee made a payment of Rs.2 crores towards the purchase of a residential property in India and the balance consideration was paid in the succeeding years. Since no return of income had been filed in India and information was received regarding the investment in property, notice un....

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....ing the bank extracts from Dubai, remittance records, salary credits and remittances from his RAK Bank account. The relevant extracts of the bank account, copies of authorised dealer certificates, and the details of salary drawn in Dubai were all incorporated into the DRP's order. The assessee also explained that the total purchase consideration of the property was Rs.3,25,00,000, of which Rs.2 crores was paid during the year under appeal and that tax @1% on the payments had been duly discharged. 5. For completeness of the record the table of withdrawals, authorised dealer certificates and INR credits as filed in the paper book is incorporated here. Date Withdrawn from RAK Bank Certificate No. of Authorised Dealer Amount of c....

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....rom the assessee's RAK Bank account in Dubai, out of which AED 11,65,000 was remitted to India through authorised dealers, resulting in INR credits of Rs.2,00,52,630 into the Axis Bank NRE account from which the payments were made. This complete and contemporaneous trail of funds has not been rebutted by the Department in any manner. No discrepancy or inconsistency has been shown in the explanation. The authorities below have rejected the documentary evidences only on general and unsubstantiated observations, such as questioning the "credentials" of the foreign employer or the "authenticity" of the foreign bank statements, without undertaking any independent enquiry or verification despite having full statutory means available to them, whet....