New Delhi, Oct. 2 -- A Delhi taxpayer has secured relief from the Income Tax Department after the Income Tax Appellate Tribunal (ITAT), Delhi, ruled in his favour in a case involving cash and foreign currency discovered during a tax search.

The case dates back to March 21, 2017, a few months after demonetisation. The Income Tax Department conducted a search at the property of a businessman named Gupta in G.K. Enclave-1, Delhi. During the search, officials found Rs.1.12 crore in Indian currency and foreign currency worth Rs.4.34 lakh.

Gupta was subsequently questioned by the tax authorities about the substantial amount of cash found at his residence.

Gupta told the tax authorities that he was a director of a company and that the company...