ITAT Chennai cancels ₹1.92L penalty, experts say taxpayers remain liable
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The Income Tax Appellate Tribunal (ITAT) in Chennai just canceled a ₹1.92 lakh penalty for an elderly taxpayer, deciding her ITR errors were honest slip-ups, not intentional.
While this is good news if you ever make a genuine mistake, experts remind us that you're still on the hook for your return, even if a consultant messes up.
Shreya Gupta Goyal urges double checking
Chartered accountant Shreya Gupta Goyal suggests checking if your mistake was genuine and replying to any notice quickly.
Filing a revised or updated return can help rectify inadvertent mistakes and reduce potential consequences, and reduce the chances of prolonged litigation.
Her advice: always double-check your income, deductions, and disclosures before filing, even when someone else prepares your taxes.