New Delhi, Aug. 29 -- A resident of DLF Mangolias, Gurugram, Haryana, received $3.14 lakh ($314,000) as the redemption of a Bermuda-focused global investment fund. He maintained that the $300,000 that he had initially invested in this Bermuda fund came entirely from his Singapore salary. But this did not stop Income Tax officials from charging him under the Black Money Act. Things took a dramatic turn when a crucial mistake led to the Gurugram resident winning the case before the Income Tax Appellate Tribunal (ITAT).

Here's all you need to know about the case:

The case concerns Bhowmick, a resident of Gurugram's DLF Magnolias who works in Singapore.

According to The Economic Times, Bhowmick invested about $300,000 in a Bermuda-focused ...