Tax officials labeled his savings 'unexplained,' but the court just handed this NRI a major victory.
Executive Brief • Key Highlights
Fast factual intelligence distilled for busy investors, executives, and answer bots:
- ✓ITAT Jaipur granted relief to Dubai-based Mrs.
- ✓Khanwani regarding Rs 3.41 crore in FCNR deposits tagged as unexplained money.
- ✓On September 22, 2026, the tribunal ruled in her favor after she showed clear bank records.
Story at a Glance
- Category
- MARKET
- Reported By
- Economic Times
- Reading Speed
- 7 Minute(s)
- Market Focus
- India Economy
Mrs. Khanwani, a Dubai resident, faced tax notices for unexplained money linked to her FCNR deposits. The ITAT Jaipur ruled in her favor, highlighting the funds' clear origin from bank records. The Income Tax Department could not dispute the source of funds provided by her husband, Mr. Chand.
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.
Unlock the Full Story with ArthNow Premium
To continue reading this complete financial story and in-depth market context, upgrade to ArthNow Premium. Enjoy unlimited access across Web and Mobile.
Economic Times
Read the full, original unfiltered story directly on the publisher's portal.