Senior Citizen Gets Rs 9.91 Lakh Tax Refund on Bond Interest
A senior citizen mistakenly paid tax on Rs 25.42 lakh interest from tax-free bonds after reporting it incorrectly in his income tax return. He realized the error after the revised filing deadline and filed a rectification application with the assessing officer. The Income Tax Appellate Tribunal (ITAT) ordered a refund of Rs 9.91 lakh to the senior citizen.
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