Rs 27K income tax liability became Rs 9.44 lakh: Pune taxpayer claims fake deductions of Rs 10.65 lakh; taxman imposes 200% penalty; ITAT upholds fine

A Pune taxpayer faces a hefty Rs 9.44 lakh penalty for misreporting Rs 10.65 lakh in deductions, including fake claims for political donations and medical expenses. The Income Tax Appellate Tribunal upheld the penalty, deeming the misreporting a conscious act rather than a bonafide mistake. This resulted in a 200% penalty on the additional tax liability.

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