https://www.taxtmi.com/caselaws?id=754035 ITAT Ahmedabad upheld PCIT's revision u/s 263 finding AO's order erroneous and prejudicial to revenue. Assessee wrongly claimed exemptions u/s 10(10CC) and 10(10BB) for annuity payments made to LIC from VRS amount. AO failed to conduct proper inquiry with employer who confirmed no perquisite was paid nor any disallowance made u/s 40(a)(v). Following SC precedent in Navnit Lal Sakar Lal, annuity amount constituted salary income taxable in assessee's hands. Appeals dismissed. en-us Mon, 27 May 2024 00:00:00 +0530 Fri, 14 Jun 2024 14:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=754035 ITAT Ahmedabad upheld PCIT's revision u/s 263 finding AO's order erroneous and prejudicial to revenue. Assessee wrongly claimed exemptions u/s 10(10CC) and 10(10BB) for annuity payments made to LIC from VRS amount. AO failed to conduct proper inquiry with employer who confirmed no perquisite was paid nor any disallowance made u/s 40(a)(v). Following SC precedent in Navnit Lal Sakar Lal, annuity amount constituted salary income taxable in assessee's hands. Appeals dismissed. Case-Laws Income Tax Mon, 27 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=754035