assessee u/s.10(4)(ii) , earned
by the assessee as interest on NRE deposit with various banks.
4. During the course of assessment proceedings ... resident during the relevant period and
has earned interest in NRE account. However, the assessee
failed to satisfy the bench with documentary evidences
assessee u/s.10(4)(ii) , earned
by the assessee as interest on NRE deposit with various banks.
4. During the course of assessment proceedings ... resident during the relevant period and
has earned interest in NRE account. However, the assessee
failed to satisfy the bench with documentary evidences
said
that around 20.04.2004, RBI reduced the prevalent rate of 3.5% interest on NRE deposits to 1%. The
conversion rate thus ... conversion rate prevalent on 20.04.2004, when the RBI
reduced the interest rate on NRE Deposits and on 20.04.2004 they would have
booked the forward rate
FCNR-B deposits into NRE
Rupee deposits as the NRE Rupee deposits carry higher rate of interest. The complainants father had taken 7 FCNR ... TDRs.
19. The
interest prevailing during the year 1998 on FNR B deposits 5.25% and the rate
of interest on NRE TDRs during the relevant
such FDRs with
interest rate applicable to domestic depositors and he could only claim
interest and concessions of NRE deposits. It was stated that ... prohibit the higher rate of interest, though
they suggest that this rate of interest shall be available on NRE
deposits. The learned counsel
made on account of interest earned on unexplained deposits in the NRE bank account of the assessee even when such interest was not exempt ... thus not justified in deleting addition of the interest earned on foreign currency deposits in NRE bank account of the assessee beyond the limits prescribed
inter alia may be transfer pricing adjustments on account of
interest on loan, interest on bond and fees for providing guarantee (Guarantee
Commission ... Interest rate of LIBOR +2% can be held as an arm's length rate of interest. As the
assessee has charged an interest higher
Dubai, UAE. The petitioner is having
income in India in form of NRE Bank
Deposits in HDFC Bank having Account No.
03211060004162 and Standard Chartered ... JUDGMENT DATED: 07/10/2025
undefined
other income in India except interest
from NRE Bank Deposits and therefore
has exempted income under Section
remittances from Dubai and maturity of
existing term deposits, interest on NRE
account and inter se transfer of funds
between various bank accounts ... petitioner has explained the
source of NRE Account with the HDFC Bank
and the interest income accrued thereon is
an exempt income in the hands
issued by the RBI to scheduled commercial banks relating to interest rates on domestic, NRE and FCNR deposits, payment of interest to current account holders ... issued directives to scheduled commercial banks relating to interest rates on domestic, NRE and FCNR deposits. These directives being statutory have the force
