Crime & Law · India
Tax Tribunal Cancels Penalty on Man for Unreported Income
The Income Tax Appellate Tribunal (ITAT) has cancelled a penalty imposed on an individual who failed to report income in his Income Tax Return (ITR). In one case, a taxpayer missed reporting Rs 38 lakh in income, paid the tax, but still faced a 200% penalty. The ITAT ruled against this penalty. In another instance, an Indian national who had moved to the US failed to file his ITR, leading to a penalty of Rs 8.29 lakh, which the ITAT subsequently cancelled.
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- Centre (2): Business Today, The Financial Express