ITAT upholds ₹1.86 lakh penalty over undisclosed UAE bank account

The Delhi bench of the Income Tax Appellate Tribunal (ITAT) has upheld a ₹1.86 lakh penalty against taxpayer Ashok Shankar for failing to disclose a UAE bank account and foreign shareholding in his income tax returns (ITRs). The case originated from a search conducted by the Income Tax Department on April 27, 2016, in connection with the Sanjay Bhandari group.