TaxTMI 
TaxTMI 
2024 (9) TMI 151
X X X X Extracts X X X X
X X X X Extracts X X X X
....el Mr. Karan Sanghani for learned advocate Mrs. Kalpana K. Raval for the respondents. 2. By this petition under Article 226 of the Constitution of India, the petitioner has challenged the notice dated 27.03.2024 issued under section 148 of the Income Tax Act, 1961 [for short 'the Act']. 3. Rule returnable forthwith. Learned Senior Standing Counsel Mr. Karan Sanghani waives service of notice of rule for the respondents. 4. Having regard to the controversy involved which is in narrow compass, with the consent of the learned advocates for the parties, the matter is taken up for hearing. 5. Brief facts of the case are that the petitioner is an individual and Non-Resident Indian employed in Saudi Arabia working with SABIC Agri Nutrie....
X X X X Extracts X X X X
X X X X Extracts X X X X
....dent Indian and term deposits are made from NRE Account and on maturity of such deposits, the interest accrued thereon is exempted from tax under section 10 (4) (ii) of the Act. 10. The respondent, after considering the reply of the petitioner, passed the impugned order under section 148A (d) dated 27.03.2024 holding that the reply of the petitioner is not reasonable and hence, unacceptable as in respect of the term deposit accounts, the petitioner did not submit statements or evidence to prove that such accounts are created under the category of Non-resident (External) Account. 11. The respondent thereafter, along with the aforesaid order, issued notice dated 27.03.2024 under section 148 of the Act for the Assessment Year 2017-18. Be....
X X X X Extracts X X X X
X X X X Extracts X X X X
....tted by the petitioner were ignored to come to the conclusion that it is a fit case to reopen the assessment. 14. Learned advocate for the petitioner also pointed out that there is no escapement of income as the petitioner has explained the source of NRE Account with the HDFC Bank and the interest income accrued thereon is an exempt income in the hands of the petitioner and therefore, the impugned notice is liable to be quashed and set aside. It was further submitted by learned advocate for the petitioner that the the petitioner has also received a communication from the office of the Income Tax Officer at Vijayanagaram, Andhra Pradesh, for the Assessment Year 2018-19 and therefore, the respondent-Assessing Officer at Vapi has no jurisdi....
X X X X Extracts X X X X
X X X X Extracts X X X X
....l. 18. The petitioner has provided the details with regard to term deposits placed in two accounts with the HDFC Bank and has also provided bank statement with the reply. Without considering the reply of the petitioner, the respondent has passed the impugned order under section 148A (d) of the Act by observing as under: "5.2 Further, in respect of the source of credits in his bank accounts, the assessee has not submitted any documentary evidence. A certificate of employment cannot be considered as explanation for large credits in his bank accounts. 5.3 Under the provisions of section 10 (4) (ii) of the IT Act, the interest accrued on the money standing credit to an individual in Non-resident (External) Account by ....