Taxpayer deposits Rs 20 lakh in NRE bank account, skips ITR; income tax dept issues notice but he wins in Gujarat High Court for this reason

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An Indian expatriate successfully challenged an income tax notice for Rs 20 lakh deposited in his NRE account. The Gujarat High Court ruled in his favor, stating the income was from overseas savings and exempt under Section 10(4)(ii). The court found the tax department failed to objectively consider the taxpayer's explanation and tax residency certificate. Read more.