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2023 (11) TMI 987 - ITAT MUMBAIAddition u/s 68 in hands of NRI - economic activities carried out in India - tax treaty provisions - non-matching of currency notes withdrawn and deposited - assessee is an NRI who is a resident of Kuwait - demonetization of currency notes of withdrawal of the cash and denomination of currency notes deposited by the assessee are different - HELD THAT:- Issue involved in this case relating to Non-Resident of India and also there is no doubt on the issue of source of income and assessee has a right to claim the benefit under the treaty between Indo – Kuwait. Assessee has relied on the decision of RAJEEV SURESH GHAI [2021 (12) TMI 697 - ITAT MUMBAI] wherein the similar facts involved were considered relating to the issue of addition made under unexplained investment wherein as held that the assessee is a tax resident of United Arab Emirates and thus is entitled to the benefit of Indo-UAE tax treaty. When the rights to tax the income in question, under the applicable tax treaty provisions, are allocated to the residence jurisdiction, it is wholly immaterial whether or not the source jurisdiction has the right to tax that income, and, in any event, India is not even a source jurisdiction for the income in question as no economic activities have been carried out in India. Thus remit this issue to the file of the Assessing Officer to consider the facts in this case and re-decide the issue - Appeal filed by the assessee is allowed for statistical purpose.
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