Tax raid seizes Rs 1.12 crore, man wins ITAT case on forex cash

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Tax officials conducted a raid and seized Rs 1.12 crore in Indian currency and foreign cash worth Rs 4.34 lakh. The individual involved was taken in for questioning. The Assessing Officer later treated both sums as unexplained income. However, the Income Tax Appellate Tribunal ruled in the man's favor after his sister-in-law provided a valid explanation for the foreign currency.

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