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Enhanced Leave Encashment Exmption Limit Applies Retrospectively: ITAT Chennai
Case Law Details
- Case Name
- Balasubramanian Venkatachalaperumal Vs DCIT (ITAT Chennai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2020-21
- Courts
- All ITAT, ITAT Chennai
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Balasubramanian Venkatachalaperumal Vs DCIT (ITAT Chennai)
In Balasubramanian Venkatachalaperumal Vs DCIT, the Chennai ITAT considered whether a retired ONGC employee was entitled to exemption of the entire leave encashment amount of Rs.19,05,997/- under Section 10(10AA)(ii) of the Income Tax Act for Assessment Year 2020-21 by applying the enhanced exemption limit of Rs.25 lakh introduced through CBDT Notification No.31/2023 dated 24.05.2023.
The assessee had retired from ONGC during FY 2019-20 and received leave encashment of Rs.19,05,997/-. While filing the return of income,...
Author Info
Dear Sir
We had applied revision petition u/s 264 before CIT Kolkata as 143(1) order prevails for 20-21 and as no appeal is pending on the date .
What are chances to get relief .
Is there any other way out under provision of I Tax Act 1961 .
Your guidence will be highly helpful