TaxTMI Login
Just a moment...
Press 'Enter' to add multiple search terms. Rules for Better Search
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All Highlights
of of All Highlights
Note
Bookmark
Share
Don't have an account? Register Here
of The ITAT allowed the assessee's appeal against penalty imposed under section 270A for disallowing leave encashment claims. The Tribunal held that under section 270A(6)(a), under-reported income excludes amounts where the assessee provides bona fide explanations with full material fact disclosure. The CIT(A) erroneously concluded the assessee suppressed facts without specifically denying that bona fide explanations were offered. Despite adequate disclosure in annual accounts regarding leave encashments, the CIT(A) rejected the claim without strong reasoning. The Tribunal found the claim was made on provisional basis involving debatable issues with established bona fides, making penalty imposition unjustified and unsustainable.
TaxTMI 