Mr. Abhay, a resident Indian, is in retail business in Delhi and his turnover for F.Y.2022-23 was - 9.8 crores. He regularly purchases goods from…

Mr. Abhay, a resident Indian, is in retail business in Delhi and his turnover for F.Y.2022-23 was - 9.8 crores. He regularly purchases goods from another resident, Mr. Kunal, a wholesaler in Delhi, and the aggregate payments made by Mr. Abhay to Mr. Kunal during the F.Y.2023-24 was 90 lakh (25 lakh on 8.5.2023,20 lakh on 27.8.2023,25 lakh on 18.10.2023 and 20 lakh on 11.2.2024). Mr. Kunal's turnover for F.Y.2022-23 was - 13.5 crores. Mr. Kunal remitted - 6.5 lakh on 28.3.2024, out of his personal savings, through Canara Bank, Delhi branch, which is an authorised dealer, under the Liberalised Remittance Scheme of RBI, as gift to his elder brother residing in Dubai (since 1995), on the occasion of his 60th birthday. Mr. Kunal paid - 8.8 lakhs on 1.11.2023 to World Travels for a holiday package to Singapore for a week with his family, comprising of his wife and two children, being twins aged 19 years, in the last week of November. He also took an education loan of 13 lakhs on 1.2.2024 from Canara Bank, Delhi Branch, for his son's two-year Master of Public Administration program in UWA University, Australia and remitted the said amount through the same bank under LRS. For his daughter's Research program in PSL Research University, USA, he remitted 12 lakhs on 15.2.2024, out of his personal savings, through Bank of India, Delhi branch, which is also an authorised dealer, under LRS. Mr. Kunal has furnished undertaking containing the details of earlier remittance to Canara Bank and Bank of India.