https://www.taxtmi.com/caselaws?id=399537 The Tribunal held that the penalty imposed under Section 271C of the Income Tax Act on the Assessee, a nationalized bank, was not justified due to the Assessee's reasonable belief and the debatable nature of the issue regarding tax deduction on Leave Travel Allowance reimbursements. The penalty was deleted, and all appeals by the Assessee were allowed. The judgment was pronounced on October 5, 2020. en-us Mon, 05 Oct 2020 00:00:00 +0530 Tue, 13 Oct 2020 15:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=399537 The Tribunal held that the penalty imposed under Section 271C of the Income Tax Act on the Assessee, a nationalized bank, was not justified due to the Assessee's reasonable belief and the debatable nature of the issue regarding tax deduction on Leave Travel Allowance reimbursements. The penalty was deleted, and all appeals by the Assessee were allowed. The judgment was pronounced on October 5, 2020. Case-Laws Income Tax Mon, 05 Oct 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=399537