https://www.taxtmi.com/caselaws?id=13946 Interest on a Non-resident (External) Account was treated as exempt under section 10(4A) where the account was maintained in accordance with the foreign exchange law and RBI scheme. The provision was construed in its statutory and contextual setting, with emphasis on the legislative object of encouraging repatriable foreign currency funds. A CBDT circular and the later amendment were read as consistent with that purpose. On that approach, eligibility for the exemption could not be denied merely because the assessee was not ordinarily resident under the Income-tax Act, if the account was otherwise a qualifying account under the foreign exchange regime. en-us Thu, 09 Aug 2001 00:00:00 +0530 Mon, 06 Jul 2009 12:17:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=13946 Interest on a Non-resident (External) Account was treated as exempt under section 10(4A) where the account was maintained in accordance with the foreign exchange law and RBI scheme. The provision was construed in its statutory and contextual setting, with emphasis on the legislative object of encouraging repatriable foreign currency funds. A CBDT circular and the later amendment were read as consistent with that purpose. On that approach, eligibility for the exemption could not be denied merely because the assessee was not ordinarily resident under the Income-tax Act, if the account was otherwise a qualifying account under the foreign exchange regime. Case-Laws Income Tax Thu, 09 Aug 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=13946