Retired bank employee claims tax exemption on Rs 9.53 lakh leave encashment, faces income tax notice and wins full relief at ITAT Jaipur

After retiring from the State Bank of India, Chhaju found himself facing a tax exemption cap of Rs 3 lakh on his leave encashment totaling Rs 9.53 lakh. Determined to secure his rightful benefits, he appealed to the ITAT Jaipur, which sided with him and extended full tax exemption. The tribunal admired prior cases that upheld similar claims from fellow retirees, proving advantageous for Chhaju.

from Tax-Wealth-Economic Times https://ift.tt/GK1gTDO