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2022 (7) TMI 886 - AT - Income TaxAddition u/s 68 - unexplained deposits in Dubai bank account - specific information that the assessee entered into shares transactions and the bank account revealed that during the period from 01.04.2008 to 08.12.2008 there are huge debits and huge credits in the bank account were immediately Transferred to M/s. Ventura Securities - HELD THAT:- As assessee has business in Dubai. It is undisputed that the assessee is NRI. The impugned sums have been transferred from his Dubai account to account in India. In these circumstances the assessee has duly discharged its onus. This has been duly accepted by the Assessing Officer in the remand report. AO has observed that the source of assessee’s fund in Dubai was not examined by him being out of courty’s transaction. We note that the assessee has discharged its onus and addition under section 68 of the Act is not at all sustainable in as much as identity, creditworthiness and genuineness of the transaction has been duly explained. CIT(A) has observed that taxability of sum in Dubai Bank account is beyond the jurisdiction of Indian tax authorities as the assessee is an NRI. Once it is clear and accepted by the Assessing Officer also that sums were sent to India from assessee’s (an NRI) foreign bank account in Dubai the provisions of DTAA are attracted. Hence, the reasoning of the learned CIT(A) that sum in Dubai bank account are subject matter of taxation in Dubai and not in India is correct. Accordingly, we do not find any infirmity in the order of learned CIT(A). Hence, we uphold the same. - Decided against revenue.
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