https://www.taxtmi.com/caselaws?id=757177 The ITAT Delhi allowed the assessee's appeal regarding rectification under section 154 for award money received from BCCI. The assessee had initially declared the BCCI award as taxable income from other sources, but later sought exemption under section 10(17A). The tribunal held that since the assessee was not a professional cricketer and received the award in capacity as a sportsman, the amount qualified for tax exemption per CBDT circular 2/2014 and circular 447. The tribunal treated the initial declaration as taxable income as a bonafide mistake, following precedent in Chanrkant Gulabrao Borde case, and set aside the CIT(A)'s order. en-us Wed, 14 Aug 2024 00:00:00 +0530 Fri, 16 Aug 2024 14:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=757177 The ITAT Delhi allowed the assessee's appeal regarding rectification under section 154 for award money received from BCCI. The assessee had initially declared the BCCI award as taxable income from other sources, but later sought exemption under section 10(17A). The tribunal held that since the assessee was not a professional cricketer and received the award in capacity as a sportsman, the amount qualified for tax exemption per CBDT circular 2/2014 and circular 447. The tribunal treated the initial declaration as taxable income as a bonafide mistake, following precedent in Chanrkant Gulabrao Borde case, and set aside the CIT(A)'s order. Case-Laws Income Tax Wed, 14 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=757177