The Economic Times

Employee fined Rs 10 lakh over lack of ESOP disclosure in ITR; here's why ITAT Chennai cancelled it

An Indian employee faced a Rs 10 lakh penalty for not disclosing foreign ESOPs in his Income Tax Return. The Income Tax Appellate Tribunal, Chennai, has now cancelled this penalty. The tribunal ruled that the omission was accidental and bona fide, especially as it was the first year of the reporting requirement.