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The ITAT allowed the assessee's appeal regarding the deduction under section 10(10AA)(ii) for leave encashment salary. The Tribunal held that the issue is no longer res integra, relying on recent authoritative precedent establishing that the exemption limit under section 10(10AA) has been revised from Rs.3 lakh to Rs.25 lakh. Consequently, the assessee is entitled to claim the deduction as per the amended limit in the return of income. The decision clarifies the applicability of the increased exemption threshold, affirming the assessee's entitlement to the full benefit under the provision.
The ITAT allowed the assessee's appeal regarding the deduction under section 10(10AA)(ii) for leave encashment salary. The Tribunal held that the issue is no longer res integra, relying on recent authoritative precedent establishing that the exemption limit under section 10(10AA) has been revised from Rs.3 lakh to Rs.25 lakh. Consequently, the assessee is entitled to claim the deduction as per the amended limit in the return of income. The decision clarifies the applicability of the increased exemption threshold, affirming the assessee's entitlement to the full benefit under the provision.
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