Rectification of mistake remains limited to self-evident record errors, preventing merits review through miscellaneous applications and preserving fin...
Tender creditworthiness conditions may extend to de facto Promoter Directors, with post-participation challenges generally barred absent arbitrariness...
Corporate representation in PMLA summons proceedings permitted through an authorised signatory, subject to directors' continuing cooperation and atten...
Helicopter charter classification requires effective control analysis, while territorial performance, reasoned credit orders and wilful suppression de...
Specified fund definition expands PAN exemption eligibility for registered alternative investment funds and qualifying International Financial Service...
Tax exemption for specified legal-services authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and...
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A Non-Resident Indian residing in Saudi Arabia made fixed deposits from remittances received in Dubai and maturity proceeds of existing term deposits, interest on NRE account, and inter-se transfer of funds between various bank accounts. The Assessing Officer (AO) at Vapi issued a notice u/s 148A(a) or 148A(b) of the Income Tax Act based on information available on the insight portal. However, the petitioner's address shown in the impugned order and notice was Vijayanagaram, Andhra Pradesh. The petitioner provided details of term deposits placed in two HDFC Bank accounts, bank statements, and an explanation that the remittances were made from Saudi Arabia out of salary credited and received outside India and from maturity of FDRs. The interest accrued on term deposits was exempted u/s 10(4) of the Act. The High Court held that the AO at Vapi lacked jurisdiction to issue the notice as the petitioner's local address was under the jurisdiction of the Commissioner of Income Tax (International Taxation) at Vijayanagaram. The reassessment proceedings were set aside in favor of the assessee due to the AO's lack of jurisdiction and the petitioner's explanation that there was no taxable income during the year.
A Non-Resident Indian residing in Saudi Arabia made fixed deposits from remittances received in Dubai and maturity proceeds of existing term deposits, interest on NRE account, and inter-se transfer of funds between various bank accounts. The Assessing Officer (AO) at Vapi issued a notice u/s 148A(a) or 148A(b) of the Income Tax Act based on information available on the insight portal. However, the petitioner's address shown in the impugned order and notice was Vijayanagaram, Andhra Pradesh. The petitioner provided details of term deposits placed in two HDFC Bank accounts, bank statements, and an explanation that the remittances were made from Saudi Arabia out of salary credited and received outside India and from maturity of FDRs. The interest accrued on term deposits was exempted u/s 10(4) of the Act. The High Court held that the AO at Vapi lacked jurisdiction to issue the notice as the petitioner's local address was under the jurisdiction of the Commissioner of Income Tax (International Taxation) at Vijayanagaram. The reassessment proceedings were set aside in favor of the assessee due to the AO's lack of jurisdiction and the petitioner's explanation that there was no taxable income during the year.
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