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Delhi ITAT rules on Rs 12.83L penalty over minor child's Rs 1.17cr interest income

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A tax dispute in New Delhi involved a man who filed his income tax return on November 4, 2022, declaring a total income of Rs 8.43 crore. The case drew scrutiny over Rs 1.17 crore in interest income attributed to his minor child, which had been clubbed with the father's income under tax laws. The Income Tax Assessing Officer at Jhandewalan reopened the case on March 22, 2025, leading to a penalty of Rs 12.83 lakh being imposed on the father. The matter was subsequently taken up before the Income Tax Appellate Tribunal (ITAT), which delivered a ruling on the dispute.

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Delhi ITAT rules on Rs 12.83L penalty over minor child's Rs 1.17cr interest income · ShortSingh