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HomeDirect TaxBona Fide Reliance on Form 16 Can’t Be Treated as Misreporting: ITAT...

Bona Fide Reliance on Form 16 Can’t Be Treated as Misreporting: ITAT Deletes Rs. 51.20 Lakh Penalty on ESOP Exemption Claim

Direct Tax

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By Mariya Paliwala
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The Bangalore Bench of the Income Tax Appellate Tribunal (ITAT) has deleted a penalty of ₹51.20 lakh imposed under Section 270A of the Income Tax Act after holding that an assessee who claimed exemption on ESOP-related income based on Form 16 issued by his employer could not be accused of misreporting income when the claim…

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Mariya Paliwala
Mariya Paliwalahttps://www.jurishour.in/
Mariya is the Senior Editor at Juris Hour. She has 7+ years of experience on covering tax litigation stories from the Supreme Court, High Courts and various tribunals including CESTAT, ITAT, NCLAT, NCLT, etc. Mariya graduated from MLSU Law College, Udaipur (Raj.) with B.A.LL.B. and also holds an LL.M. She started her career as a freelance tax reporter in the leading online legal news companies.

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