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Ahmedabad ITAT Quashes Section 263 Revision; Contribution to Approved LIC Gratuity Fund Not Restricted to 8.33% of Salary
Case Law Details
- Case Name
- Sarvodaya Nagrik Sahakari Bank Ltd. Vs PCIT (ITAT Ahmedabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2022-23
- Courts
- All ITAT, ITAT Ahmedabad
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Sarvodaya Nagrik Sahakari Bank Ltd. Vs PCIT (ITAT Ahmedabad)
Ahmedabad ITAT Quashes Section 263 Revision; Contribution to Approved LIC Gratuity Fund Not Restricted to 8.33% of Salary
The Ahmedabad ITAT allowed the assessee’s appeal and quashed the Principal Commissioner of Income Tax’s revision order passed under Section 263 of the Income-tax Act for AY 2022-23. The PCIT had held that deduction for contribution to an approved LIC Group Gratuity Scheme should be restricted to 8.33% of employees’ salary under Rule 103 of the Income-tax Rules and directed fresh assessment. The Tribunal note...
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