Case Law Analysis
|Income Tax Appellate Tribunal
Section 68 Income Tax Act | NRE FD Interest and Decade-Long Personal Savings Constitute Credible Sources, Not Unexplained Cash Credit : ITAT Delhi
The ITAT Delhi has ruled that cash credits arising from non-taxable NRE fixed deposit interest and documented personal savings accumulated over ten years are not unexplained income under Section 68. This sets a critical precedent for NRIs and returning residents who rely on foreign-sourced savings, affirming that credible, traceable sources-even if cash-deposited-do not trigger presumptive taxation.