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.

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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

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