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Mon, 04 May 2026 05:54:29 +0000

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.. An employee of Vedanta Limited, who received ESOPs from its UK parent company while working abroad, was fined 10 lakh under Section 43 of the Black Money Act for failing to declare these in. The Income Tax Appellate Tribunal (ITAT) Chennai has deleted the penalty of Rs 10 lakh levied on an employee for not disclosing foreign stock options (ESOPs) in his income tax return. A costly mistake while filing an Income Tax Return (ITR) turned into a major relief for an employee after a legal battle. The individual was penalized 10 lakh by the Income Tax Department.