Government water works contract GST concession applied before its withdrawal, while contractual tax reimbursement claims lay outside advance-ruling sc...
Stamp valuation increases after registration-fee payment led to deletion of property-purchase addition within tolerance and without valuation referral...
Capital Asset Conversion Requires Proven Business Stock Treatment; Paper Consideration in Spousal Flat Transfers Does Not Create Taxable Business Inco...
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AO's penalty order under s270A regarding leave salary exemption claimed on voluntary retirement under s10(10AA) was set aside by ITAT. The appellant, permanently absorbed in MTNL from government service, claimed full exemption in revised ITR based on genuine belief. ITAT held that penalty imposition is discretionary due to word "may" in s270A(1), not mandatory "shall". The bona fide belief clause in s270A(6)(a) supports discretionary interpretation. The claim's debatable nature was evident from SC judgments on employee rights in PSUs versus government service. The tribunal found appellant's explanation legitimate, noting full disclosure of service details and circumstances leading to exemption claim. Penalty order quashed considering genuine mistake and absence of deliberate misreporting.
AO's penalty order under s270A regarding leave salary exemption claimed on voluntary retirement under s10(10AA) was set aside by ITAT. The appellant, permanently absorbed in MTNL from government service, claimed full exemption in revised ITR based on genuine belief. ITAT held that penalty imposition is discretionary due to word "may" in s270A(1), not mandatory "shall". The bona fide belief clause in s270A(6)(a) supports discretionary interpretation. The claim's debatable nature was evident from SC judgments on employee rights in PSUs versus government service. The tribunal found appellant's explanation legitimate, noting full disclosure of service details and circumstances leading to exemption claim. Penalty order quashed considering genuine mistake and absence of deliberate misreporting.
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