ITAT Delhi rules foreign currency found in raid belongs to sister-in-law

India's Income Tax Appellate Tribunal has ruled that Rs 4.34 lakh in foreign currency seized during a post-demonetisation raid on a Delhi man's property belonged to his sister-in-law, an airline employee who had entrusted it to him for safekeeping. The tribunal found the Assessing Officer failed to rebut the credible explanation, and the currency cannot be taxed as the man's income.