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The Economic Times
The Economic Times
Business
Neelanjit Das

Rs 3.41 crore in FCNR deposits tagged as unexplained money despite being held by Dubai-based individual; ITAT Jaipur grants full relief

FCNR Chand Income Tax Appellate Tribunal Dubai Income Tax Income Tax Department India AO Rahul Jain IndusInd Bank

Mrs Khanwani, originally from Bazari Gali, Odan Chowk, Beawar, and now living in Dubai, United Arab Emirates (UAE), decided to invest in India. She consulted her husband and invested Rs 3.41 crore in two FCNR term deposits. Her Husband, Mr Chand, decided that he should be the first holder and she should be the second holder of the two FCNR deposits and accordingly wired the money from Dubai to his IndusInd Bank NRE account.

Mr Chand picked Japanese Yen (JPY) denominated FCNR deposits. The first deposit of 1.726 crore JPY was made on October 14, 2017. The second FCNR deposit of 1.658 crore JPY was made on February 21, 2018.

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