https://www.taxtmi.com/caselaws?id=768080 The Tribunal ruled that the penalty under Section 271C of the Income Tax Act should not be imposed on the assessee for the short deduction of tax at source on Leave Fare Concession reimbursements. It determined that the assessee acted under a bona fide belief, supported by an interim order from the Madras HC, that such reimbursements were exempt under Section 10(5), despite the Supreme Court's later clarification. Additionally, the Tribunal found that the CIT(A) should have condoned the delay in filing the appeal due to procedural fairness and communication challenges, allowing the appeal for both assessment years. en-us Fri, 28 Mar 2025 00:00:00 +0530 Mon, 31 Mar 2025 08:41:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=768080 The Tribunal ruled that the penalty under Section 271C of the Income Tax Act should not be imposed on the assessee for the short deduction of tax at source on Leave Fare Concession reimbursements. It determined that the assessee acted under a bona fide belief, supported by an interim order from the Madras HC, that such reimbursements were exempt under Section 10(5), despite the Supreme Court's later clarification. Additionally, the Tribunal found that the CIT(A) should have condoned the delay in filing the appeal due to procedural fairness and communication challenges, allowing the appeal for both assessment years. Case-Laws Income Tax Fri, 28 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=768080