ITAT Mumbai Ruling: Section 69 Cannot Override Section 5(2) The recent ITAT Mumbai ruling on Section 69 vs Section 5(2) has become one of the most important decisions for taxpayers—especially Non-Resident Indians (NRIs). The judgment clarifies that the Income Tax Department cannot arbitrarily apply Section 69 (unexplained investments) without first examining the taxability of income under Section 5(2).
This ruling establishes a powerful principle:...
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