No penalty on non-disclosure of interest on tax refund: ITAT

The Mumbai Income Tax Appellate Tribunal (ITAT) has ruled in favor of a senior citizen by stating that the penalty imposed for not disclosing the interest earned on her tax refund is not valid. The ITAT emphasized that the interest element cannot be determined unless the refund is received, and therefore, non-disclosure cannot be considered as underreporting of income.

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