Reporting ULIP payout of Rs 3.22 crore under wrong head in ITR triggers tax penalty; ITAT Hyderabad cancels penalty

A man who invested Rs 75 lakh in ULIPs and surrendered them for Rs 3.22 crore was penalized Rs 2.48 crore for reporting the income under the wrong head in ITR. ITAT Hyderabad canceled the penalty, ruling that a mere reporting error does not constitute misreporting under Section 270A(9) of the Income Tax Act.

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