ITAT Deletes 200% Penalty for bona fide Leave Encashment Exemption Claim

Bharatkumar Jaishinh Soni Vs ITO (ITAT Mumbai) ITAT Deletes Penalty for Leave Encashment Claim, Citing Bona Fide Interpretation The Income Tax Appellate Tribunal (ITAT), Mumbai, addressed an appeal filed by the assessee, Bharatkumar Jaishinh Soni, a retired employee of Bank of Baroda, against a penalty imposed under Section 270A of the Income-tax Act, 1961, for Assessment Year 2020-21. The core dispute involved a leave encashment sum of ₹ 11,91,369 received upon retirement. While the assessee’s original return claimed the statutory exemption of ₹ 3,00,000, a revised return subsequently c...