ITAT Criticizes AO for Hasty 200% Penalty Imposition without application of Mind

Adinath Vasantrao Wandhekar Vs Income Tax Officer (ITAT Pune) The recent order by the Income Tax Appellate Tribunal (ITAT) Pune in the case of Adinath Vasantrao Wandhekar vs. Income Tax Officer sheds light on the criticism faced by the Assessing Officer (AO) for hastily imposing a penalty at a 200% rate without proper application of mind. Background: The appellant, an individual retired from the Maharashtra State Electricity Distribution Company Ltd (MSEDCL), received gratuity and leave encashment as retirement benefits. The AO restricted the exemption claimed by the appellant, leading to addi...