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TMI Blog2024 (6) TMI 1396X X X X Extracts X X X X X X X X Extracts X X X X ..... ding the provisions of section 10(4), it is apparent that such incomes are exempt from being included in the total income. Considering the ratio laid down by the Coordinate Bench and keeping in mind the facts of the present case, we are unable to take any different view - WP allowed. - HONOURABLE MR. JUSTICE BHARGAV D. KARIA AND HONOURABLE MR. JUSTICE NIRAL R. MEHTA MR SN DIVATIA(1378) for the Petitioner(s) No. 1 MR.VARUN K.PATEL(3802) for the Respondent(s) No. 1 ORAL ORDER (PER : HONOURABLE MR. JUSTICE NIRAL R. MEHTA) 1. By way of this petition under Article 226 of the Constitution of India, the petitioner has approached this Court for the following reliefs : (a) to issue a writ of certiorari or in the nature of certiorari or any other a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing a pharmacy, namely, Humble Pharmacy Inc. at Texas since 1.1.2006 and regularly filing its ITR with Internal Revenue Service (USA) in Form 1120-S (business return) and Form 1040 (individual return) since long. The petitioner used to invest the surplus funds out of income earned in USA in India mainly with ICICI Bank, C.G. Road Branch, Ahmedabad. 2.2 That on 29.2.2024, a notice under Section 148A(a) of the Income-Tax Act, 1961 (for short the Act ) was issued upon the petitioner calling, inter-alia, that his office was in possession of information that he had entered into a high value transaction during FY 2016-17 by way of time deposit with ICICI Bank Ltd. of Rs.1,59,00,000/-, so that his income had exceeded the maximum limit of income no ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ement from income in view of Section 147 of the Act. 6. The aforesaid question is no more res-integra. The Coordinate Bench of this Court in case of Nitin Mavji Vekariya v. ITO, rendered in Special Civil Application No.7636 of 2022 and allied matters, decided on 11.9.2023, has held, thus, as under : 5. Undisputedly, the funds came from NRE Accounts and the source therefore was beyond the reach of the authorities. Even on reading the provisions of section 10(4), it is apparent that such incomes are exempt from being included in the total income. 7. Considering the ratio laid down by the Coordinate Bench and keeping in mind the facts of the present case, we are unable to take any different view than that of already taken by the Coordinate Ben ..... X X X X Extracts X X X X X X X X Extracts X X X X
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