Taxpayer wins Rs 1.4 lakh penalty case despite claiming false income tax deductions to reduce income by 50%; Know the details

Despite claiming false income tax deductions, Mr. Shinde won his penalty case at ITAT Pune. The Income Tax Department had imposed a penalty of Rs 1.4 lakh after Shinde under-reported his income by 50%. ITAT Pune cancelled the penalty, recognizing Shinde's good faith in reporting the tax consultant's fraud and paying the owed taxes with interest.

from Tax-Wealth-Economic Times https://ift.tt/wlAkTCQ