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2023 (11) TMI 649 - GUJARAT HIGH COURTReopening of assessment - investment in time deposit and mutual funds out of foreign funds in the assessee’s NRE Accounts - HELD THAT:- Undisputedly, the funds came from NRE Accounts and the source therefore was beyond the reach of the authorities. Even on reading the provisions of section 10(4), it is apparent that such incomes are exempt from being included in the total income. The impugned orders in all these petitions are, therefore, without jurisdiction. The orders in the respective petitions are therefore quashed and set aside. Petitions are allowed, accordingly.
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