Retired employee denied tax exemption on Rs 13 lakh leave encashment, ITAT Jaipur restores tax benefit under new Rs 25 lakh limit

Read post on economictimes.indiatimes.com

A retired State Bank of India employee from Jaipur won a tax case. The Income Tax Appellate Tribunal ruled in his favor, increasing his leave encashment exemption to Rs 25 lakh. This decision overturns previous orders from the income tax department and CIT(A). The tribunal applied a new CBDT notification retrospectively. The Assessing Officer will now implement the revised limit.