NRI's Rs.3.41 crore FCNR deposits flagged as unexplained money after tax officer mistook yen for rupees, ITAT gives relief
New Delhi, Oct. 18 -- The Jaipur tribunal deleted the addition after finding that bank records established the source of two foreign-currency deposits and the tax department had accepted the explanation in the woman's husband's case.
A Dubai-based non-resident Indian (NRI) has won relief from a Rs.3.41 crore income tax addition after the Income Tax Appellate Tribunal (ITAT), Jaipur, found that the assessing officer had mistaken Japanese yen figures for Indian rupees while examining two foreign currency deposits.
In its order dated 22 September 2026 in Deputy Commissioner of Income Tax v. Kavita Khanwani (ITA No. 867/JPR/2025, assessment year 2018-19), the tribunal upheld the Commissioner of Income Tax (Appeals)' decision to delete the a...
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