She declared Rs 43,796, misses Rs 14.02L; hit with 200% penalty, but ITAT gave relief
This is the case of a 57-year old non-resident Indian (NRI) woman who ended up under-reporting her income when she filed her Income Tax Return, and the gap was huge.
A 57-year-old non-resident Indian woman filed her income tax return but mistakenly under-reported her income. The Income Tax Department discovered an interest income of Rs 14,46,321 that she had omitted from her return, and imposed a penalty of 200% on her, totaling Rs 4.85 lakh. However, the Income Tax Appellate Tribunal (ITAT) in Mumbai reduced the penalty to 50% and provided relief to the woman.
The tribunal found that the omission of income does not automatically mean misreporting, and considered the taxpayer's unique circumstances, including her living abroad, limited technological knowledge, and reliance on an accountant for tax compliance. The woman paid a total of Rs 5,49,410 in tax and interest after becoming aware of the discrepancy.
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Also reported by 1 other outlet
- He wrongly showed Rs 9.6 lakh EPF in ITR, taxman added it; ITAT gives full relief timesofindia.indiatimes.com
