Foreign remittances with a verified banking trail cannot be taxed as unexplained investments.
Foreign remittances with a verified banking trail cannot be taxed as unexplained investments. Issue Whether the Assessing Officer was legally justified in treating the investment in a residential property as an unexplained investment under Section 69 of the Income-tax Act, 1961, when the assessee established a clear banking trail of foreign inward remittances from her… Read More »