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The ITAT allowed the assessee's appeal and directed the AO to grant exemption for leave encashment under section 10(10AA) within the revised exemption limit of Rs.25,00,000 as prescribed by the CBDT. The Tribunal held that, notwithstanding employment with a scheduled bank rather than a central or state government department, the claimed leave encashment falls below the newly notified ceiling and is therefore deductible to the extent of the revised limit. The AO's denial of the exemption was set aside and the claim was restored accordingly, subject to compliance with the parameters and limits specified in the CBDT revision.
The ITAT allowed the assessee's appeal and directed the AO to grant exemption for leave encashment under section 10(10AA) within the revised exemption limit of Rs.25,00,000 as prescribed by the CBDT. The Tribunal held that, notwithstanding employment with a scheduled bank rather than a central or state government department, the claimed leave encashment falls below the newly notified ceiling and is therefore deductible to the extent of the revised limit. The AO's denial of the exemption was set aside and the claim was restored accordingly, subject to compliance with the parameters and limits specified in the CBDT revision.
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