ITAT Cochin Deletes ₹2.2 Lakh Penalty for Bona Fide Gratuity Claim

Chundayil Kalam Girijadevi (Deceased) Vs ITO (ITAT Cochin) Cochin ITAT Deletes Penalty – Higher Gratuity Exemption Claim Not Misreporting- Bona Fide Claim Cannot Attract 270A Penalty -Mere Wrong Claim Not Misreporting Assessee, a retired employee of Kerala State Finance Corporation, filed return on 06.08.2018 claiming exemption of ₹10 lakhs u/s 10(10) in respect of gratuity received on retirement. Subsequently, a revised return was filed enhancing claim of exemption to ₹20 lakhs relying on Notification S.O.1420(E) dated 29.03.2018. AO held that enhanced exemption limit was applicable onl...