ITAT confirms ₹1.86 lakh fine for hiding UAE bank account

The Income Tax Appellate Tribunal (ITAT) in Delhi has maintained a penalty of ₹1.86 lakh imposed on Ashok Shankar. The taxpayer was fined for not reporting a foreign bank account in the UAE and shareholdings in his tax filings. This matter stems from an Income Tax Department search operation carried out on April 27, 2016, linked to the Sanjay Bhandari group.