Retired Bank Employee Gets Relief as Leave Encashment Was Within Revised ₹25 Lakh Limit

Advertisement Neelam Gupta Vs Addl//JCIT (ITAT Delhi) The appeal before the Income Tax Appellate Tribunal (ITAT), Delhi, arose from an order of the CIT(A)/NFAC, Delhi, dated 4 November 2024 for Assessment Year 2020-21 in proceedings under Section 143(1) read with Section 264 of the Income Tax Act. The sole issue in dispute was whether the assessee, a retired employee of Bank of Baroda, was entitled to exemption of the entire leave encashment amount received on retirement under Section 10(10AA) of the Act. The assessee had claimed exemption of ₹6,97,100 towards earned leave encashment rece...