Income Tax 18 October 2026
Dubai Woman’s 3.41 Cr FCNR Deposit Triggers Tax Notice, Court Grants Relief
A Dubai‑based Indian woman and her husband placed 3.41 crore in foreign currency non‑resident (FCNR) deposits, prompting an income‑tax notice for allegedly unexplained funds. The Income Tax Appellate Tribunal ruled in their favor, noting the bank had verified the source and the assessing officer had mistakenly treated yen amounts as rupees, granting the couple relief.
Key points
- Deposit: 3.41 crore placed in FCNR accounts by the Dubai‑based woman and her husband.
- Tax notice: Income‑tax department issued a notice claiming the amount was unexplained.
- Court ruling: The Income Tax Appellate Tribunal cleared them, stating the bank had confirmed the source and the assessing officer mistakenly converted yen to rupees.
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