Reporting perquisite as capital gain in ITR by mistake resulted in Rs 6.63 crore penalty for a salaried employee; ITAT Mumbai granted him relief for this reason
· economictimes.indiatimes.com
Rs 6.63 crore penalty imposed on salaried employee for reporting perquisite as capital gains in ITR; ITAT Mumbai grants relief, says salaried employees may not be well versed in complex tax provisions
Summary of the judgement
Why did the taxpayer win the case?
Mr Krishnan from Dr. Annie Besant Road, in Worli, Mumbai used to work for a major USA-based compan...