Appeal allows marketing payments as deductible business expenses under Sec.37; director pay retained; R&D deductible from certificate date under Sec.3...
Registration under s.12AB upheld; CIT(Exemptions) exceeded jurisdiction by deciding taxability instead of preliminary verification and registration di...
ITAT affirmed that section 10(10AA)(i) is confined to employees of the Central or State Government and does not extend to statutory corporations or government-owned companies; being owned or governed by State service rules does not render the employer a "State Government." The assessee, a retired PSU employee, falls within clause (ii) and is therefore eligible only for the capped exemption of Rs. 3,00,000 for leave encashment on superannuation. The Tribunal applied its coordinate bench precedent and dismissed the assessee's appeal, holding that any claim for exemption beyond Rs. 3,00,000 is not tenable under section 10(10AA).
ITAT affirmed that section 10(10AA)(i) is confined to employees of the Central or State Government and does not extend to statutory corporations or government-owned companies; being owned or governed by State service rules does not render the employer a "State Government." The assessee, a retired PSU employee, falls within clause (ii) and is therefore eligible only for the capped exemption of Rs. 3,00,000 for leave encashment on superannuation. The Tribunal applied its coordinate bench precedent and dismissed the assessee's appeal, holding that any claim for exemption beyond Rs. 3,00,000 is not tenable under section 10(10AA).
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