Employment Termination Compensation Not Taxable, Section 154 rectification allowed

Shamik Pankajbhai Parikh Vs ITO (ITAT Ahmedabad) In a recent case before the Income Tax Appellate Tribunal (ITAT) Ahmedabad, an individual, Shamik Pankajbhai Parikh, contested the taxability of voluntary severance pay or ex-gratia received on account of the termination of employment. The dispute arose from the assessment year 2017-18, and the appellant appealed against the order passed by the Commissioner of Income Tax (Appeals) [CIT(A)]. Grounds of Appeal: The appellant raised several grounds of appeal, each challenging different aspects of the order. The key issues can be summarized as foll...