‘Foreign funds invested in India can’t be taxed as unexplained income’

In a recent order, the Income-Tax Appellate Tribunal (ITAT), Mumbai bench, has held that purchase of a flat by a non-resident using his overseas income is an act of investing or application of income. It is distinct from earning an income in India from immovable property and the sum invested cannot be subject to tax in the country. https://ift.tt/3CS4dw1