Assessee an NRI made term deposit/fixed deposits out of remittances from Dubai. The Notice issued under section 148 to verify the source of said term deposit is bad in law as maturity of existing term deposits, interest on NRE account and inter se transfer of funds between various accounts were exempted under section 10(4)(ii) of the Act. Assessing Officer Vijayanagram had jurisdiction over assessee, notice issued by Assessing Officer,Vapi is in valid. Accordingly the reassessment notice and order disposing the objection is quashed.[(AY. 2017-18)
Anand Kumar Dugar v. ITO (2024) 301 Taxman 116 (Guj.)(HC)
S. 148A: Reassessment-Conducting inquiry, providing opportunity before issue of notice-Non-resident-Term deposits out of remittances from Dubai-Assessing Officer Vijayanagram had jurisdiction over assessee, notice issued by Assessing Officer, Vapi is in valid-Reassessment notice and order disposing the objection is quashed.[S.10(4)(ii), 148, 148A(b), 148A(d), Art. 226]