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Leave Encashment Remanded in Light of Retrospective CBDT Notification Enhancing Limit to ₹25 Lakhs
Case Law Details
- Case Name
- Uma Dutt Sharma Vs ITO (ITAT Lucknow)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2019-20
- Courts
- All ITAT, ITAT Lucknow
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Uma Dutt Sharma Vs ITO (ITAT Lucknow)
Lucknow Tribunal dealt with exemption on leave encashment received by a retired SBI employee. Assessee had claimed exemption of entire Rs.9,04,635 u/s 10(10AA)(ii). AO, while processing return, restricted the exemption to Rs.3,00,000 & disallowed Rs.6,04,635. CIT(A) upheld the restriction.
Before Tribunal, assessee argued that CBDT Notification No.31/2023 dated 24.05.2023 enhanced exemption limit for non-Government employees to Rs.25 lakhs, with retrospective effect, & therefore earlier restriction was no longer valid.
Tribunal not...
Author Info
I have retired from GAIL India Limited, a CPSU on 31st January 2023 with a Leave Encashment amount of Rs.28,00,000/-. Want to avail enhanced exemption limit of Rs.25,00,000/-under Notification No.31/2023/F.No.200/3/2023-ITA-I dated 24th May 2023. Request to please advise as to how to avail the enhanced limit.
Regards.