https://www.taxtmi.com/highlights?id=93543 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). en-us Sat, 25 Oct 2025 09:00:56 +0530 Sat, 25 Oct 2025 09:00:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=93543 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). Highlights Income Tax Sat, 25 Oct 2025 09:00:56 +0530 https://www.taxtmi.com/highlights?id=93543