https://www.taxtmi.com/caselaws?id=751485 ITAT Pune allowed the appeal and quashed the penalty imposed under section 270A. The assessee, a former State Government employee whose service was converted to non-governmental employment under the Electricity Act 2003, had claimed excess exemption on gratuity and leave encashment. The tribunal held the penalty was unwarranted as the assessee's belief was bonafide, not entirely incorrect, and material facts were disclosed. The explanation fell within section 270A(6)(a) making it pardonable. The authorities failed to appreciate the circumstances holistically and imposed penalty without proper application of mind. en-us Fri, 08 Mar 2024 00:00:00 +0530 Thu, 18 Apr 2024 13:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=751485 ITAT Pune allowed the appeal and quashed the penalty imposed under section 270A. The assessee, a former State Government employee whose service was converted to non-governmental employment under the Electricity Act 2003, had claimed excess exemption on gratuity and leave encashment. The tribunal held the penalty was unwarranted as the assessee's belief was bonafide, not entirely incorrect, and material facts were disclosed. The explanation fell within section 270A(6)(a) making it pardonable. The authorities failed to appreciate the circumstances holistically and imposed penalty without proper application of mind. Case-Laws Income Tax Fri, 08 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=751485