The Economic Times

Tax dept seizes Rs 5 lakh foreign currency; man wins case in ITAT Mumbai; Know how much forex you can keep at home

The Income Tax Appellate Tribunal (ITAT) Mumbai ruled in favour of a taxpayer whose Rs 5.6 lakh in foreign currency was seized by the tax department. The tribunal clarified that holding legitimately acquired foreign currency within FEMA limits is permissible and not subject to Section 69A of the Income Tax Act.