No reassessment u/s. 148 as income earned in NRE account exempt u/s. 10(4)(ii)

Anilkumar Ramabhai Patel Vs ITO (Gujarat High Court) Gujarat High Court held that reassessment under section 148 of the Income Tax Act is liable to be quashed since income earned in NRE Account is exempt under section 10(4)(ii) of the Act and hence there is no question of escapement of income. Facts- The petitioner is a Non-Resident Indian and Managing Partner of Grant Thornton, Uganda. The petitioner over the past years, has been remitting overseas savings NRE Accounts in India and also investing in funds, time deposits and other approved modes of investment. The petitioner being a non-resid...