Dismissing the appeal of the revenue the Court held that if the assessee is non–resident amount found deposited in a foreign bank is not taxable in India either u/s. 68 or u/s. 69 of the Act. Period of 182 days to be considered for calculating residential status of a person migrated to Foreign Country. Residential status was regarded as ‘not an ordinary resident ‘.(ITA No. 107 of 2017, dt. 22.04.2019) (AY. 2006 -07)
PCIT v. Binod Kumar Singh ( 2019) 178 DTR 49 / 264 Taxman 335/ 310 CTR 243 /( 2020) 423 ITR 175 (Bom.)(HC), www.itatonline.org
S. 68 : Cash credits–Non–Resident–I Not an ordinary resident -if the assessee is non–resident amount found deposited in a foreign bank is not taxable in India either u/s 68 or u/s 69 of the Act. Period of 182 days to be considered for calculating residential status of a person migrated to Foreign Country [S. 6(6), 69]