₹30.90 Cr Section 271(1)(c) Penalty Quashed for Debatable Lease Rent Issue

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 as mandated by AS-...