https://www.taxtmi.com/caselaws?id=440073 The Tribunal allowed the appeal, ruling that no penalty under Section 270A was applicable for the addition of interest income or leave encashment. The Tribunal accepted the assessee's explanations, noting the belief that interest income was exempt under Section 80TTB and leave encashment was fully exempt under Section 10(10AA). Emphasizing the importance of a bonafide belief, the Tribunal held that penalties should not be imposed automatically, leading to the deletion of penalties on both income components. en-us Thu, 06 Jul 2023 00:00:00 +0530 Sat, 08 Jul 2023 13:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=440073 The Tribunal allowed the appeal, ruling that no penalty under Section 270A was applicable for the addition of interest income or leave encashment. The Tribunal accepted the assessee's explanations, noting the belief that interest income was exempt under Section 80TTB and leave encashment was fully exempt under Section 10(10AA). Emphasizing the importance of a bonafide belief, the Tribunal held that penalties should not be imposed automatically, leading to the deletion of penalties on both income components. Case-Laws Income Tax Thu, 06 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=440073