ITAT orders refund after senior citizen mistakenly pays tax on interest income

A senior citizen incorrectly paid income tax on interest from tax-free bonds over several years. He reported the income as exempt but made an error in one financial year. After missing the deadline to file a revised return, he applied to the assessing officer for rectification. The Income Tax Appellate Tribunal has now ordered a refund of approximately Rs 9.91 lakh to the individual.