ITAT Upholds PCIT Order: LIC Annuity as Taxable Salary

Mafatbhai Bhikhabhai Parmar Vs PCIT (ITAT Ahmedabad) The Income Tax Appellate Tribunal (ITAT), Ahmedabad, recently dismissed nine appeals filed by former employees of GE Power India Ltd., upholding the Principal Commissioner of Income Tax (PCIT), Vadodara-1’s order under Section 263 of the Income Tax Act, 1961. The appeals, pertaining to the Assessment Year 2018-19, challenged the PCIT’s decision to set aside the assessment orders passed by the Assessing Officer (AO) and direct fresh assessments. The central issue in all cases revolved around the allowance of certain exemptions cla...