Leave Encashment Exemption Upheld Under Revised CBDT Limit

Advertisement Devi Dutt Agarwal Vs Assessment Unit (ITAT Jaipur) Income Tax Appellate Tribunal (ITAT), Jaipur Bench, decided the appeal of an individual assessee against the order of the NFAC, Delhi, regarding the exemption claim for leave encashment under Section 10(10AA) of the Income-tax Act, 1961. The assessee filed the original return declaring total income of ₹20,94,750 and subsequently filed a revised return of ₹11,81,550, claiming full leave encashment exemption of ₹12,13,200 under Section 10(10AA). In the original return, the assessee had claimed only ₹3,00,000 as exempt. T...