Reassessment for unreturned property sales survives where transfer information, non-filing, and unsupported exemption claims establish a prima facie l...
Profit-element taxation limits additions for unaccounted flat-sale receipts and grey-market purchases, while reliable search records support partial a...
Non-participating bidders cannot disturb concluded liquidation sales on speculative prejudice, while costs for such challenges must remain proportiona...
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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