Case Law Details
DCIT Vs Anand Persad Jaiswal (ITAT Delhi)
Introduction: A recent case before the Income Tax Appellate Tribunal (ITAT) Delhi, involving Anand Persad Jaiswal, sheds light on the taxability of interest income earned by a Non-Resident Indian (NRI) from a foreign bank. The tribunal’s ruling clarifies that such interest income falls outside the purview of taxation in India under section 5(2) of the Income Tax Act.
Detailed Analysis:
Background of the Case: The appeal in question was filed by the Revenue against the order of the Commissioner of Income Tax (Appeals)-23, New Delhi, dated 25.08.2022, pertaining to the assessment year 2003-04 (AY 2003-04).
Key Grounds Raised by the Revenue:
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