Challenge to Reassessment of Foreign Investment in NRE Accounts Quashed; Funds Exempt u/s 10(4.

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....Reopening of assessment - investment out of foreign funds in the assessee’s NRE Accounts - investment in time deposit and mutual funds - Undisputedly, the funds came from NRE Accounts and the source therefore was beyond the reach of the authorities. Even on reading the provisions of section 10(4), it is apparent that such incomes are exempt from being included in the total income. - Notices and order u/s 148A quashed - HC....