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.
An ITAT Delhi order gave relief to a property seller who lost Rs 21 lakh TDS because the buyer deposited it in the wrong tax year. The Income Tax Department denied the credit, but the tribunal held that capital gains are taxed in the year of transfer and allowed the seller to claim credit using Form 71.
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