No penalty for higher gratuity exemption claim due to misunderstanding of law

Ravindra Madhukar Kharche Vs ACIT (ITAT Nagpur) In the case of Ravindra Madhukar Kharche vs. ACIT (ITAT Nagpur), the appeal challenges a penalty imposed by the National Faceless Appeal Centre (NFAC) for misreporting income under section 270A of the Income-tax Act, 1961. The appellant, a retired employee of Maharashtra State Electricity Generation Company Ltd. (MSEGCL), had filed an original return of income declaring a total income of ₹44,68,490, claiming a tax refund due to an upward revision of the gratuity exemption from ₹10 Lakhs to ₹20 Lakhs. The Assessing Officer (AO) disallowed th...