Funds from foreign sources into NRE accounts not taxable in India in terms of section 10(4)

Rajendra Maganbhai Patel Vs ACIT (ITAT Ahmedabad) ITAT Ahmedabad held that funds remitted from foreign sources into NRE accounts are not taxable in India unless there is material to establish that they originate from taxable Indian income. Accordingly, exemption u/s. 10(4) of the Income Tax Act granted. Facts- The assessee is a Non-Resident Indian and citizen of UK. On the basis of information available in ITBA system, the AO issued notice u/s 148 of the Act to the assessee. The assessee submitted return of income for both the years in response to notice u/s 148 of the Act. On the basis of inf...