https://www.taxtmi.com/caselaws?id=753243 ITAT Mumbai ruled in favor of the assessee regarding rectification of income computation under section 154. The case involved treatment of Rs. 3,291,601 withdrawn from provident fund as taxable income. The assessee, employed with previous employer for over five years (September 2009 to February 2015), had properly disclosed the withdrawal as exempt income under section 10(12). ITAT found lower authorities erred in treating the amount as taxable without considering evidence in rectification applications. The tribunal directed deletion of the addition, confirming the provident fund withdrawal was exempt under section 10(12). en-us Mon, 27 May 2024 00:00:00 +0530 Wed, 29 May 2024 08:31:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753243 ITAT Mumbai ruled in favor of the assessee regarding rectification of income computation under section 154. The case involved treatment of Rs. 3,291,601 withdrawn from provident fund as taxable income. The assessee, employed with previous employer for over five years (September 2009 to February 2015), had properly disclosed the withdrawal as exempt income under section 10(12). ITAT found lower authorities erred in treating the amount as taxable without considering evidence in rectification applications. The tribunal directed deletion of the addition, confirming the provident fund withdrawal was exempt under section 10(12). Case-Laws Income Tax Mon, 27 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753243