A US based son, Mr. Bussi, won his long fight against an Indian income tax notice after depositing Rs 11 lakh cash into his parents’ account during demonetisation. The ITAT Delhi set aside the notice, accepting the money as genuine remittances from earlier years. The case took six years to resolve, ending in relief for the NRI.
The ITAT Surat rejected a Surat businessman’s explanation for depositing Rs 80 lakh in cash during demonetisation. He claimed the money came from an earlier withdrawal for a property purchase, but the tribunal found the story unsupported by evidence and inconsistent with normal business conduct. His appeal was dismissed, upholding the tax department’s decision to treat it as unexplained income.
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