NRI's ₹3.41 crore FCNR deposits flagged as unexplained money after tax officer mistook yen for rupees, ITAT gives relief
· livemint.com
An NRI won relief from a ₹3.41 crore income tax addition after ITAT Jaipur found that the assessing officer had mistaken Japanese yen figures for rupees. Bank records established the source of her FCNR deposits, prompting deletion of the addition.
The Jaipur tribunal deleted the addition after finding that bank records established the source of two foreign-currency deposits and the tax department had acce...