โ๏ธ ITAT cancels penalty over minor's interest income dispute
A father faced a Rs 12.83 lakh penalty after his minor child earned Rs 1.17 crore in interest income. This tax dispute took place in New Delhi, with the taxpayer filing his return on November 4, 2022. The Income Tax Assessing Officer clubbed the income and denied a tax benefit under the India-UAE DTAA. ITAT Delhi ultimately ruled in the father's favour on July 28, 2026. The tribunal decided the issue was a tax-rate disagreement, not income under-reporting. ๐ธ