#tax-penalty
Delhi ITAT ruling: How relative’s airline job cleared businessman of tax penalty on foreign currency found in raid
The case highlights the importance of establishing ownership and the source of cash or foreign currency found during an income tax search through credible, corroborated evidence.
He moved to the US for a job and forgot to file his India ITR; taxman imposed Rs 8.29 lakh penalty, but ITAT Jaipur cancelled it for this reason
The individual maintained that he had not deliberately attempted to evade tax. His case was that he had simply missed the ITR deadline while dealing with his relocation and new job in the US.