Political contribution deductions require genuine transactions; banking records and party registration alone cannot defeat evidence of accommodation e...
Post-death GST liability permits fresh proceedings against legal representatives, while discontinued-business recovery remains limited to the inherite...
Non-confirmation of FEMA seizure prevents adjudicators from overriding pending appellate findings on recorded reasons and suspected foreign asset hold...
ITAT allowed the assessee's appeal challenging leave encashment deduction under section 10(10AA). The tribunal found that the CIT(A)'s rejection based on non-submission of Form 16 was untenable, as the Assessing Officer already had information about the claimed amount of Rs. 20,29,482. Pursuant to the CBDT notification dated 24th May 2023, the leave encashment limit was revised to Rs. 25,00,000, thereby enabling the assessee to claim the entire amount instead of the previously restricted Rs. 3,00,000. The tribunal directed the Assessing Officer to allow the deduction consistent with the revised statutory limit.
ITAT allowed the assessee's appeal challenging leave encashment deduction under section 10(10AA). The tribunal found that the CIT(A)'s rejection based on non-submission of Form 16 was untenable, as the Assessing Officer already had information about the claimed amount of Rs. 20,29,482. Pursuant to the CBDT notification dated 24th May 2023, the leave encashment limit was revised to Rs. 25,00,000, thereby enabling the assessee to claim the entire amount instead of the previously restricted Rs. 3,00,000. The tribunal directed the Assessing Officer to allow the deduction consistent with the revised statutory limit.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
