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₹30.90 Cr Section 271(1)(c) Penalty Quashed for Debatable Lease Rent Issue
Case Law Details
- Case Name
- Axis Bank Limited Vs ACIT (ITAT Ahmedabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2011-12
- Courts
- All ITAT, ITAT Ahmedabad
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Axis Bank Limited Vs ACIT (ITAT Ahmedabad)
Penalty on Lease Rent Accounting Difference Quashed – ITAT Ahmedabad Deletes ₹30.90 Crore Penalty on Axis Bank for AYs 2011-12 to 2015-16
The Ahmedabad Bench of the ITAT partly allowed the appeals of Axis Bank Ltd. and quashed penalties of ₹30.90 crores (and similar penalties for five years) levied u/s 271(1)(c) on account of disallowance of additional lease rental expense claimed on Straight Line Method (SLM) basis under Accounting Standard-19.
The bank had changed its accounting policy to recognise lease rentals on SLM basis a...
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