Incorrect Exemption on LIC Annuity from VRS: ITAT Upholds Revision u/s 263 of Income Tax Act [Read Order]
The PCIT found that the AO wrongly allowed the exemption, even though the employer confirmed the amount was taxable as salary. Based on precedent and Supreme Court rulings, the ITAT ruled the assessment was incorrect and dismissed the appeal.
The Ahmedabad Bench of Income Tax Appellate Tribunal upheld the Principal Commissioner of Income Tax(PCIT)revision order under Section 263 of Income Tax Act,1961, confirming that the exemption claim on the LIC annuity payment from voluntary retirement scheme(VRS) was incorrect. Rakesh Saxena,appellant-assessee,worked at M/s. GE Power India Ltd. and took voluntary retirement, receiving ₹34,67,866 as per…
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