Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding
  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights June 2024 Year 2024 This

The Appellate Tribunal considered a case involving revision u/s ...


Annuity payment to LIC not exempt u/s 10(10CC) - employer didn't pay, employees did. AO didn't verify, PCIT order upheld.

June 15, 2024

Case Laws     Income Tax     AT

The Appellate Tribunal considered a case involving revision u/s 263 of the Act related to annuity payments made to LIC. The employer did not make the annuity payment; it was made on employees' request from VRS amount. The claim for exemption u/s 10(10CC) and u/s 10(10BB) was found incorrect as per PCIT's enquiry. AO allowed exemptions without verifying from the employer, leading to an erroneous order. The annuity amount paid to LIC was deemed taxable as salary per Supreme Court ruling. The AO's failure to conduct proper inquiries rendered the order prejudicial to revenue. Jurisdiction u/s 263 was upheld, dismissing the assessee's appeals.

View Source

 


 

You may also like:

  1. Exemption u/s 10(10CC) - Whether tax paid by the employer on the salaries of the employees would constitute non-monetary benefits exempt u/s 10(10CC) - HC

  2. Section 10(10AA) of the Income Tax Act provides tax exemption for leave encashment upon retirement for Central/State government employees and employees other than...

  3. Levy of GST - payment of notice pay by an employee to the applicant employer in lieu of notice period, under clause 5(e) of Schedule II of CGST Act - GST is not...

  4. Exemption from CGST - toll charges - annuity (deferred payments) - Validity of clarificatory circular - The deliberation of GST Council in its meeting held on 06.10.2017...

  5. Combined reading of section 10(10CC) & 17(2iv) shows that Taxes borne by the employer were obligation, otherwise such payments would have been payable by the assessee. -...

  6. TDS u/s 192 - employee of Mahatma Gandhi University, kerala - The salary, pension and retirement benefits are paid from the consolidated fund of the state government...

  7. TDS Liability payment made by the LIC to its development officers? - Exempted Allowances u/s 10(14) - It appears that LIC devised a proforma for the development officer...

  8. Tax perquisites - tax borne by employer is paid directly to the tax authority and there is no payment to the tax employee, the tax so borne is a non-monetary transaction...

  9. The crux revolves around the interpretation of Sections 10(10A) and 10(10AA) regarding exemptions for employees of the "State Government". The assessees claimed...

  10. Assessee received leave encashment amount upon retirement, bifurcated into sums from Department of Telecommunications (Govt. of India) and BSNL. ITAT held amount from...

  11. Exclusion u/s 10(10CC) - non-monetary perquisites - whenever tax is deposited in respect of a non-monetary perquisite, provision of Section 10 (10CC) applies, thus...

  12. CENVAT Credit - exempt goods - On merits, it is a case that the appellant is manufacturing dutiable goods not exempted goods. Some clearances were exempted from payment...

  13. Disallowance for late payment of employees contribution to ESI and PF - The respective enactment has although provided deterrent to the employer in the form of interest...

  14. Refusal to honour the liability of paying the service tax (on the part of LIC) - Renting of immovable property to LIC - It is to be borne in mind that the LIC being an...

  15. Penalty u/s 271C - Payment to Doctors - Employer / Employee relationship or not - AO directed to verify the facts - If it is found that these doctors were providing...

 

Quick Updates:Latest Updates