« Top Headlines » Open DEMAT Account in 24 hrs  ITAT Cuts ?4.85 Lakh Penalty After ?14.02 Lakh Interest Income Was Missed in ITR  ITR filed under old regime, tax calculated under new regime; Delhi ITAT gives taxpayer relief  ITAT Delhi Quashes Tax Notice on AMU PG Student’s ?18.34 Lakh Stipend, Declares It Tax-Free Under Section 10(16)  Advance tax deadline September 15: What happens if you missed the previous instalment payment?  How much gold jewellery can you keep at home? Nagpur ITAT explains rules on ownership, gifts, taxability  ?5.31 lakh TDS refund allowed by ITAT Delhi: Why absence of an original ITR did not block the taxpayer  Missed the ITR Filing Deadline? How to Claim Your Income Tax Refund and Correct Mistakes Before December 31, 2026  GST Return Preparation & ITC Analysis with TallyPrime (Hinglish Session)  GST Return Preparation & ITC Analysis with TallyPrime (Hinglish Session)  GST Return Preparation & ITC Analysis with TallyPrime (Hinglish Session)  Income-Tax Department Moves to Bring Greater Certainty to International Tax Cases «  Transfer pricing norms need to be updated... Tax group tours Australia, S’pore to study tax models... » Income Tax Dept seizes foreign currency of $2.27 mn May, 22nd 2007 The Income Tax department on Monday seized $ 2.27 million from a Lagos-bound African national at the Indira Gandhi International Airport. Acting on intelligence gathered by the Air Intelligence Unit indicating a large scale transfer of forex, IT sleuths intercepted the African national at the airport in the early hours, IT sources said. The search of his baggage led to the seizure of foreign currency amounting to $2.27 million for which he had no satisfactory explanation, they said. The person had booked a ticket on Ethopian Airlines to travel to Lagos. "This is a large racket of forex transfer. The racket spread over different countries with several contacts based in India. We have launched a detailed investigation," a senior IT official said. The IT department informed the Enforcement Directorate and Ministry of External Affairs about the seizure of the money and dentention of the person, whose identity has not been revealed yet.