https://www.taxtmi.com/caselaws?id=760558 Gujarat HC held that reopening of assessment under section 147 was unjustified where assessee demonstrated that income and deposits originated from NRE Account through bank statements. Court ruled that since NRE Account income is exempt under section 10(4)(ii) and the source of income plus loan remittance was adequately explained with supporting bank documentation, there was no justification for issuing notice under section 148 or passing order under section 148A(d). Assessment reopening was set aside. en-us Tue, 08 Oct 2024 00:00:00 +0530 Wed, 23 Oct 2024 08:19:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=760558 Gujarat HC held that reopening of assessment under section 147 was unjustified where assessee demonstrated that income and deposits originated from NRE Account through bank statements. Court ruled that since NRE Account income is exempt under section 10(4)(ii) and the source of income plus loan remittance was adequately explained with supporting bank documentation, there was no justification for issuing notice under section 148 or passing order under section 148A(d). Assessment reopening was set aside. Case-Laws Income Tax Tue, 08 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=760558