Leave Encashment Addition Deleted as ITAT Applied Revised CBDT Exemption Limit

Govardhan Deepchand Bhambhani Vs ITO (ITAT Ahmedabad) The appeal before the Income Tax Appellate Tribunal (ITAT), Ahmedabad, arose from an order dated 9 December 2023 passed by the Additional Commissioner of Income Tax (Appeals)-9, Delhi, relating to Assessment Year 2020-21. The dispute concerned the assessee’s claim for exemption of leave encashment amounting to ₹7,65,404 under Section 10(10AA)(ii) of the Income Tax Act. The assessee, a retired employee of Punjab National Bank, had filed the return of income declaring total income of ₹5,82,970 and claimed exemption of the entire leave e...