Tax exemption for regulatory authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and return filing...
Dispute Resolution Panel objections must reach both prescribed forums; otherwise assessment may proceed and statutory appeal remains the proper remedy...
Leave encashment exemption for a non-Government employee under section 10(10AA) was held to be computable on the basis of the revised CBDT ceiling applicable for AY 2020-21. Following its earlier decision and co-ordinate Bench rulings, the ITAT accepted that the enhanced limit applied, so the restriction made by the lower authorities to the earlier ceiling could not stand. The matter was remanded only for recomputation of the admissible exemption on the revised ceiling, with consequential deletion of the addition to that extent.
Leave encashment exemption for a non-Government employee under section 10(10AA) was held to be computable on the basis of the revised CBDT ceiling applicable for AY 2020-21. Following its earlier decision and co-ordinate Bench rulings, the ITAT accepted that the enhanced limit applied, so the restriction made by the lower authorities to the earlier ceiling could not stand. The matter was remanded only for recomputation of the admissible exemption on the revised ceiling, with consequential deletion of the addition to that extent.
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