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ITAT Bengaluru Ruling Explained: Why Economic Ties Outweighed NRI Claim in Binny Bansal Case
The ITAT Bengaluru ruling in the Binny Bansal case underscores that NRI status is not determined by relocation alone, but by the strength of economic and personal ties. Despite moving to Singapore, substantial investments, properties, and financial interests in India led to his classification as a resident for tax purposes. The judgment reinforces the importance of substance over form and careful tax planning for global entrepreneurs.