Taxability of Amount Deposited by NRI in Foreign Bank Account- ITAT Explains Law

DCIT Vs Dipendu Bapalal Shah (ITAT Mumbai) In the instant case undisputedly the assessee is a non-resident since 1979, as per the provisions of Section 6 of the IT Act. The scope of income in case of a non-resident is defined under the provisions of sub-section (2) of section 5 of the Act. As per this section, a person who is a ‘non-resident’ has to pay tax only on that income which is either received or is deemed to be received by him in India, or accrues or arises or deemed to accrue or arise to him in India, during the year, therefore assessee will be liable to tax only in respe...