Minor child had Rs 1.17 crore interest income, father faced Rs 12.83 lakh penalty; ITAT Delhi cancels it, rules tax-rate dispute isn’t under-reporting
Clubbing of income is a provision under the Income Tax Act. Can a minor child’s interest income lead to an income tax notice for the father? The Income Tax Appellate Tribunal (ITAT) Delhi has held that a father cannot be subjected to a Rs 12.83 lakh penalty under Section 270A when the income declared in … Read more