TaxTMI 
TaxTMI 
2024 (9) TMI 1191
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....ssessee has raised following grounds of appeal: "The learned Commissioner of Income Tax Appeal has erred in confirming Rs 16,39,726 u/s 56 of the Income Tax Act 1961 being accretion value on account of premature surrender of pension policies from LIC. Interlia ignoring the fact that I had not claimed any - benefit u/s 80CCC(2) in the year of investments. The appellant also craves leave to submit additional documents and facts as may be necessary for the purpose of disposal of this appeal." 3. Brief facts of the case are that the assessee had e-filed his original return on 28.08.2015 declaring total income of Rs. 12,66,660/-. The same was processed u/s 143(1) of the Act on 15.12.2015. Subsequently, on receipt of information regarding ....
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....rmed the addition of Rs. 16,39,726/- u/s 56 of the Act. 6. Before us, the Ld. AR has reiterated his arguments that since no deduction u/s 80CCC(1) was claimed, there is no question of applicability of section 80CCC(2) of the Act. He cited a favourable decision 0f the co-ordinate bench in case of Sandeep Sukhtankar v/s ITO in ITA No. 2690/Mum/2012 on this issue. He also placed reliance on the decisions of the Hon'ble Gujarat High Court in the following cases: i) Civil Application No. 17829 of 2018 of Piyush Ambalal Gandhi V/s DCIT-Circle-2. ii) Ami Ashish Shah v/s ITO 440 ITR 417 (Gujrat). 7. On the other hand, Ld. DR vehemently argued that the interpretation being given regarding the applicability of section 80CCC is erroneous. In his....
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....ender of a pension policy under a fund as referred to in section 10(23AAB) of the Act, constituents of which are two sums the sum which has been availed as a deduction in sub-section (1) and the interest or bonus accrued or credited to the assessee's account. Hence, the expression "referred to in sub-section (1) in respect of which a deduction has been allowed Under sub-section (1)" when read with the text prior to it gives a clear understanding that it qualifies the amount which has to be included in the income under this section along with the interest or bonus accrued. However, it nowhere sets a condition that if deduction has been claimed in section 80CCC(1) of the Act, only then the income under section 80CCC(2) of the Act would ar....
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....rer] for receiving pension from the fund referred to in clause (23AAB) of section 10, he shall, in accordance with, and subject to, the provisions of this section, be allowed a deduction in the computation of his total income, of the whole of the amount paid or deposited (excluding interest or bonus accrued or credited to the assessee's account, if any) as does not exceed the amount of 49[one hundred and fifty thousand] rupees in the previous year. (2) Where any amount standing to the credit of the assessee in a fund, referred to in sub-section (1) in respect of which a deduction has been allowed under sub- section (1), together with the interest or bonus accrued or credited to the assessee's account, if any, is received by the as....