ITAT: No Penalty for Income Concealed if Taxpayer Corrects Error in Revised Return
In a significant ruling that offers relief to taxpayers, the Income Tax Appellate Tribunal (ITAT) has stated that no penalty will be imposed for concealed income if the taxpayer rectifies the error in a revised return before the tax authorities identify the discrepancy. This judgment underscores the importance of voluntary compliance and transparency in the … Read more