Commercial vehicle depreciation, scientifically determined warranty provisions and exempt-income disallowances were resolved in favour of the taxpayer...
Inherited property sale proceeds require capital-gains treatment where ownership is supported by evidence, not suspicion or unverified signature doubt...
Cross-examination of retracted statements is essential where foundational evidence supports a benami allegation and documented funding explanations re...
The case pertains to the reopening of assessment u/s 147 regarding income related to a Non-Resident External (NRE) Account. The assessee argued that the source of income and deposits were from the NRE Account, and therefore, not taxable in India. The bank details and statements provided by the assessee revealed that the remittance of the loan was made from the NRE Account, substantiating the source of income. As per Section 10(4)(ii) of the Income Tax Act, income earned in an NRE Account is exempt from taxation. Considering the assessee's explanation supported by bank statements, the court found no justification for issuing a notice u/s 148 or passing an order u/s 148A(d) of the Act regarding the reopening of assessment.
The case pertains to the reopening of assessment u/s 147 regarding income related to a Non-Resident External (NRE) Account. The assessee argued that the source of income and deposits were from the NRE Account, and therefore, not taxable in India. The bank details and statements provided by the assessee revealed that the remittance of the loan was made from the NRE Account, substantiating the source of income. As per Section 10(4)(ii) of the Income Tax Act, income earned in an NRE Account is exempt from taxation. Considering the assessee's explanation supported by bank statements, the court found no justification for issuing a notice u/s 148 or passing an order u/s 148A(d) of the Act regarding the reopening of assessment.
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