with PNB to his Non-Resident
External Account (NRE) account with BOI. The petitioner earned interest on
fixed deposits from BOI and UCO Bank ... assessee has received Rs. 56,82,929/- as interest on
the deposits made in the NRE account. The claim of the petitioner is that
such
exemption in respect of the following amounts.
a) NRE receipts;
b) interest from NRE accounts and
c) LIC benefits.
4.It is his further case ... NRE receipts and
NRE interest were omitted to be included. These amounts though excluded from
the taxable income and exempted under Section
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
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
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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
ICICI Bank Savings- 000701092269 Interest of Rs.20,574/- earned
NRE during the relevant assessment
year and the same is exempted ... NRE 000710901559 The said deposit was made on
08-Oct-2018 out of the maturity
proceeds of FDR-NRE Account
N0 000713112046.
Interest
NRE account for a
period of one year in the 1 st respondent bank on 16.05.2012.
The said NRE deposit was bearing 9.5% interest. After ... Master Circular on Interest Rates relating to
Domestic, NRO and NRE accounts, if a Fixed Deposit is
matured and proceeds are unpaid, the amount left
deposit Indian currencies into these bank
accounts. These peculiar characteristics of the
NRE bank accounts have been lost sight of by both
the tax authorities ... Income
tax Act, the interest earned on NRE account is
exempt. Under the old scheme of Wealth tax Act,
the balance outstanding in the NRE
assessment order, the AO also added interest of Rs. 1,45,000 on such unexplained deposits in the NRE bank accounts of the assessee ... only income by way of interest standing to the credit of a person in NRE account of the bank in accordance with the Foreign Exchange
