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Condition of Proving ‘Source of Source of Funds’ under 68 not applicable to Non-Residents: ITAT deletes Income Tax Addition [Read Order]

By Yogitha S. Yogesh - On December 14, 2022 5:40 pm - 2 mins read

The Bangalore bench of the Income Tax Appellate Tribunal (ITAT) has held that the condition of proving “source of source of funds” under 68 of the Income Tax Act,1961 does not apply to non-residents. The revenue challenged the order of the CIT(A) in deleting ‘Addition u/ s 68 of the Income Tax Act,1961 amounting to…

ACIT vs M/s. Kansur Developers India Pvt. Ltd

Counsel for Appellant:   Shri M.V. Seshachala

Counsel for Respondent:   Shri Dilip

CITATION:   2022 TAXSCAN (ITAT) 1815