Dubai-based NRI faces tax notice over Rs 3.41 crore FCNR deposits; tribunal finds yen-rupee error
A woman originally from Beawar, now living in Dubai, UAE, invested with her husband in India. The couple placed Rs 3.41 crore across two Foreign Currency Non-Resident (FCNR) term deposits. The husband was the first holder of both deposits, while the woman was listed as second holder. The deposits drew a tax notice, but the Income Tax Appellate Tribunal (ITAT) identified an error involving the yen and rupee. The report centres on how that mistake affected the tax assessment.
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