The case pertains to rectification of mistake u/s 154 regarding ...

Sportsman's Tax Exemption: ITAT Rectifies Mistake, Allows Relief on Award Money from BCCI.

Case Laws Income Tax

August 17, 2024

The case pertains to rectification of mistake u/s 154 regarding the eligibility of exemption u/s 10(17A) for the award money received from BCCI. The assessee, a sportsman, had initially filed the award amount as taxable income from other sources, despite it being exempt u/s 10(17A) as clarified by CBDT Circular No. 2/2014. The ITAT held that since the assessee is not a professional and the award was received in the capacity of a sportsman, the amount is exempt from tax. The mistake in filing the return appears bonafide. Following the precedent in Mr. Chanrkant Gulabrao Borde vs. ITO, the assessee is entitled to relief, and the CIT(A)'s order is unsustainable. The assessee's appeal is allowed.

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The case pertains to rectification of mistake u/s 154 regarding ...

Sportsman's Tax Exemption: ITAT Rectifies Mistake, Allows Relief on Award Money from BCCI.

Case Laws Income Tax

August 17, 2024

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