Ex-gratia on job cessation, house property loss set-off and s.80TTA deduction sent back for fresh tax review

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ITAT examined the taxability of ex-gratia payment received by the assessee on cessation of employment. Noting a coordinate bench decision on identical facts holding similar ex-gratia from the same employer as non-taxable, ITAT set aside the order of the Ld. CIT(A)/NFAC. The matter was remanded to the Jurisdictional AO to re-adjudicate the taxability of the ex-gratia payment afresh in light of the employer's letter and after granting due opportunity of hearing. Issues relating to set-off of house property loss and deduction under s. 80TTA were also remitted to the AO for fresh consideration. All relevant grounds were treated as allowed for statistical purposes.....