https://www.taxtmi.com/caselaws?id=367879 The Tribunal allowed the appellant's appeal, revoking the penalty imposed for disallowance of an ex gratia payment exceeding bonus entitlement under section 43B. The Tribunal held that the excess payment, treated as ex gratia by the appellant, was a legitimate business expense and not subject to penalty under section 271(1)(c). Relying on judicial precedents, the Tribunal emphasized the deductibility of such payments, leading to the deletion of the penalty of Rs. 5,90,656 imposed by the Assessing Officer and upheld by the Commissioner of Income Tax (Appeal). en-us Mon, 25 Jun 2018 00:00:00 +0530 Thu, 27 Sep 2018 06:49:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=367879 The Tribunal allowed the appellant's appeal, revoking the penalty imposed for disallowance of an ex gratia payment exceeding bonus entitlement under section 43B. The Tribunal held that the excess payment, treated as ex gratia by the appellant, was a legitimate business expense and not subject to penalty under section 271(1)(c). Relying on judicial precedents, the Tribunal emphasized the deductibility of such payments, leading to the deletion of the penalty of Rs. 5,90,656 imposed by the Assessing Officer and upheld by the Commissioner of Income Tax (Appeal). Case-Laws Income Tax Mon, 25 Jun 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=367879