2023 (11) TMI 649

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.... service of notice of rule on behalf of the respondent - revenue. With consent of the learned advocates appearing for the respective parties, the matters are taken up for final hearing today. 2. All the petitioners are family members who as residents and citizens of the Republic of Uganda, have prayed for directions to quash and set aside the order dated 29.03.2022 issued under section 148A(d) of the Income Tax Act, 1961, for the Assessment Year 2018-19. Since notices issued and the consequential orders are challenged on the same grounds, facts of Special Civil Application No. 7636 of 2022 are considered. 2.1 Mr. Divatia, learned counsel for the petitioner would submit that the petitioner is a resident and citizen of Republic of Uganda. T....

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....the income to the tune of Rs. 1,92,00,000/- had escaped assessment for the year under consideration, and therefore, it was a fit case for issuance of notice u/s. 148 of the Act. 2.4 Mr. S.N. Divatia, learned counsel, would submit that the order dated 29.03.2022 u/s. 148A(d) and the notice under section 148 dated 30.03.2022 are bad. Reading the reasons, Mr. Divatia, learned counsel, would submit that the conclusion that the income had escaped assessment was bad. That the transactions in question, namely, investments in Time Deposits and Mutual Funds were out of foreign funds in the assessee's NRE Accounts, details of which were furnished in response to the notice. A copy of the passport evidencing the fact that the petitioner was a citizen ....

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....s. 47,00,000/- in ICICI Prudential Mutual Fund was invested out of his NRE Saving bank account (A/c. No. 0086011017024) with ICICI Bank Ltd., Bhuj (Rs. 8,50,000/- dated 08.08.2017 + Rs .8,50,000/- dated 08.08.2017 + Rs. 15,00,000/- dated 04.01.2018) and from NRE Saving account number 50100158161603 with HDFC Bank Ltd (Rs. 15,00,000/- dated 09.08.2017). Assessee submitted copy of summary of ICICI Prudential Mutual Fund Statement and Statement of ICICI Bank NRE Account. iv. Investment of Rs. 14,00,000/- in HDFC Mutual Fund was invested out of his NRE saving bank account (A/c. No. 7611617528) with Kotak Mahindra Bank Ltd., Bhuj (holding jointly with his wife Jasuben). Assessee submitted copy of statement of Kotak Mahindra Bank Ltd. NRE Acco....