ITAT Delhi Orders Rs 9.91 Lakh Tax Refund for Gurugram Senior Citizen
· Business · Times of India, NDTV
A Gurugram-based senior citizen successfully challenged an income tax demand after mistakenly paying tax on Rs 25.42 lakh in interest earned from government tax-free bonds. The taxpayer had invested Rs 3 crore in IFCL and REC bonds in 2013 but erroneously reported the interest as taxable income in his ITR for AY 2022-23. Although the assessing officer rejected his initial rectification request citing a Supreme Court ruling, the Income Tax Appellate Tribunal (ITAT) Delhi intervened in his favour. The tribunal determined that the error was apparent from the existing record and did not constitute a new claim, thereby exempting the interest from taxation. Consequently, the ITAT ordered the tax department to refund the Rs 9.91 lakh paid by the senior citizen.
Why it matters
This ruling clarifies that taxpayers can seek rectification for genuine errors in their tax filings even after the revised ITR deadline has passed, provided the correction is based on existing records.
Read the original report — Times of India
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