https://www.taxtmi.com/highlights?id=91758 ITAT held that the addition under s.17(2)(v) for AY 2018-19 is unsustainable: employer's contribution to LIC for an annuity, not credited to or paid on behalf of the assessee and not creating any vested or enforceable right in the relevant year, cannot be taxed as a perquisite. Taxing the contribution in AY 2018-19 would result in impermissible double taxation because the assessee has already offered annuity receipts to tax on accrual/receipt as salary. Reliance on Form 16/26AS does not override substantive statutory provisions. Consequently, the AO's addition is deleted and the appeal is allowed in favour of the assessee. en-us Thu, 21 Aug 2025 08:35:53 +0530 Thu, 21 Aug 2025 08:35:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=91758 ITAT held that the addition under s.17(2)(v) for AY 2018-19 is unsustainable: employer's contribution to LIC for an annuity, not credited to or paid on behalf of the assessee and not creating any vested or enforceable right in the relevant year, cannot be taxed as a perquisite. Taxing the contribution in AY 2018-19 would result in impermissible double taxation because the assessee has already offered annuity receipts to tax on accrual/receipt as salary. Reliance on Form 16/26AS does not override substantive statutory provisions. Consequently, the AO's addition is deleted and the appeal is allowed in favour of the assessee. Highlights Income Tax Thu, 21 Aug 2025 08:35:53 +0530 https://www.taxtmi.com/highlights?id=91758