AdvertisementDCIT Vs Atul (Kumar) Gupta (ITAT Delhi)ITAT Upholds Deletion of ₹4.34 Lakh Addition for Foreign Currency Kept in Safe Custody which Belonged to Sister-in-LawThe ITAT Delhi considered the Revenue’s challenge to relief of ₹4,34,400 granted by the CIT(A) concerning foreign currency found during a search on 21.03.2017. During the search, the assessee explained that the foreign currency belonged to his sister-in-law, Ms. Jeny Kemp, who worked with Jet Airways and was staying with him. CIT(A) to the assessee on account of foreign currency found in its possession. Counsel for the assessee submitted that during the course of search, foreign currency of Rs.4,34,400/- was found. We are of the considered view that the impugned order does not requires any intervention at this stage.