Bank interest not reported in ITR? ITAT ruling explains when taxpayers can escape income tax penalties
Summary
ITAT Delhi deleted a ₹3.08 lakh penalty on a salaried taxpayer who omitted ₹4.49 lakh in bank interest from his ITR. The tribunal cited a bona fide omission and an improperly worded penalty notice under Section 270A.
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Bank interest not reported in ITR? ITAT ruling explains when taxpayers can escape income tax penalties
ITAT Delhi deleted a ₹3.08 lakh penalty on a salaried taxpayer who omitted ₹4.49 lakh in bank interest from his ITR. The tribunal cited a bona fide omission and an improperly worded penalty notice under Section 270A.
