ITAT Cuts NRI Tax Penalty from 200% to 50%

The Income Tax Appellate Tribunal (ITAT) Mumbai reduced a 200% penalty on a 57-year-old non-resident Indian woman to 50%. The woman had declared income of Rs 43,796 for assessment year 2020-21 but omitted Rs 14.5 lakh in interest income. The tribunal ruled the omission was not deliberate misreporting, considering her NRI status, limited tech knowledge, and reliance on an accountant.