https://www.taxtmi.com/caselaws?id=445758 The HC quashed the order dated 29.03.2022 issued under section 148A(d) of the Income Tax Act, 1961, for the Assessment Year 2018-19, concerning alleged income escapement from investments made by the petitioners, citizens of Uganda, in time deposits and mutual funds. The Court found that the investments were made from NRE accounts, and thus exempt under section 10(4) of the Act. The Court ruled the orders were without jurisdiction, allowing the petitions and making the rule absolute, with no orders as to costs. en-us Mon, 11 Sep 2023 00:00:00 +0530 Wed, 07 Feb 2024 15:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=445758 The HC quashed the order dated 29.03.2022 issued under section 148A(d) of the Income Tax Act, 1961, for the Assessment Year 2018-19, concerning alleged income escapement from investments made by the petitioners, citizens of Uganda, in time deposits and mutual funds. The Court found that the investments were made from NRE accounts, and thus exempt under section 10(4) of the Act. The Court ruled the orders were without jurisdiction, allowing the petitions and making the rule absolute, with no orders as to costs. Case-Laws Income Tax Mon, 11 Sep 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=445758