ITAT allows tax exemption of Rs 1.5 Cr to Kapil Dev on one-time benefit by BCCI

Kapil Dev Nikhanj Vs ACIT (ITAT Delhi) The Income Tax Appellate Tribunal (ITAT) Delhi ruled in favor of Kapil Dev, granting him a tax exemption of ₹1.5 crore received as a one-time benefit from the Board of Control for Cricket in India (BCCI). The appeal stemmed from an earlier assessment order for the assessment year 2015-16, where Kapil Dev had voluntarily declared this amount as taxable income. However, he later challenged this classification after being advised that such a benefit was exempt under Section 56(2)(vii) of the Income Tax Act. The Commissioner of Income Tax (Appeals) [CIT(A)]...