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The HC quashed the notice under s.148 and the order under s.148A(d) of the Act, holding that reopening of assessment was unjustified. The petitioner, a non-resident Indian settled in Uganda, furnished a Tax Residency Certificate and explained that remittances to NRE accounts comprised overseas savings; the respondent did not appropriately consider that reply. The court found the NRE account receipts exempt under s.10(4)(ii) and concluded there was no escapement of income liable to tax in India under s.9 read with s.5. Consequently, the HC set aside the reassessment proceedings and upheld the petitioner's position that no return filing obligation arose on the asserted receipts.
The HC quashed the notice under s.148 and the order under s.148A(d) of the Act, holding that reopening of assessment was unjustified. The petitioner, a non-resident Indian settled in Uganda, furnished a Tax Residency Certificate and explained that remittances to NRE accounts comprised overseas savings; the respondent did not appropriately consider that reply. The court found the NRE account receipts exempt under s.10(4)(ii) and concluded there was no escapement of income liable to tax in India under s.9 read with s.5. Consequently, the HC set aside the reassessment proceedings and upheld the petitioner's position that no return filing obligation arose on the asserted receipts.
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