https://www.taxtmi.com/caselaws?id=329981 The Tribunal ruled in favor of the assessee, overturning penalties imposed under section 271(1)(c) of the Income Tax Act for provisions related to leave encashment and gratuity added back to book profit under section 115JB. The Tribunal held that penalties were not justified as the concealed income did not impact the tax payable, citing a Supreme Court judgment and a CBDT circular. Consequently, the penalties were deleted, and the appeals of the assessee were allowed. en-us Fri, 08 Jul 2016 00:00:00 +0530 Thu, 14 Jul 2016 11:41:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=329981 The Tribunal ruled in favor of the assessee, overturning penalties imposed under section 271(1)(c) of the Income Tax Act for provisions related to leave encashment and gratuity added back to book profit under section 115JB. The Tribunal held that penalties were not justified as the concealed income did not impact the tax payable, citing a Supreme Court judgment and a CBDT circular. Consequently, the penalties were deleted, and the appeals of the assessee were allowed. Case-Laws Income Tax Fri, 08 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=329981