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Income Tax - Highlights / Catch Notes

Home Highlights November 2023 Year 2023 This

Reopening of assessment - investment out of foreign funds in the ...

Income Tax

November 18, 2023

Reopening of assessment - investment out of foreign funds in the assessee’s NRE Accounts - investment in time deposit and mutual funds - 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. - Notices and order u/s 148A quashed - HC

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