Leave encashment exemption confirmed; full claimed entitlement to be allowed under the amended CBDT limit.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Leave encashment exemption under the income tax provisions was restricted by the assessing officer on the basis that the employer was not a Central or State government; however a subsequent CBDT notification raised the permissible limit. The Tribunal found the AO erred by limiting the exemption to a lower amount and directed grant of the full claimed leave encashment exemption since it falls within the enhanced limit, allowing the assessee's appeal.....