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2018 (12) TMI 272 - AT - Income TaxAddition u/s 69 - unexplained investment in the bank account - Held that:- We have noted that Barclays Bank, vide letter dated 8th April 2014, has confirmed that “a remittance of GBP 90,000 was sent by wire transfer to your NRE account no. 0341010007438 with Bank of Baroda, SP Colony Branch, Ahmedabad, which was routed through Bank of Baroda Mumbai branch on 5th April 2007”, and that “we further wish to confirm that the remittance represented a distribution made to you as a beneficiary of the Kanisa Family Trust settled by your father late Dr Chaturbhai Ashabhai Patel on 18th October 1974”. A copy of this letter was placed before us and the Assessing Officer has duly been confronted with this letter. Here is thus a case in which there is a credit in the bank account of the assessee, which is on account of a remittance from a foreign bank, on account of disbursements from a family trust, and there is no dispute about these factual aspect. The investment is thus reasonably explained and the application of Section 69 is out of question. We, therefore, approve the conclusions arrived at by the CIT(A) for this short reason alone. - decided against revenue
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