Summary
- The ITAT Chennai has allowed a retired Bank of Baroda employee to claim an enhanced leave encashment exemption of ₹25 lakh, overturning previous restrictions.
- The Tribunal condoned a delay of 1,221 days in filing the appeal, citing substantial justice and the personal hardships faced by the assessee.
- This decision follows CBDT Notification No.31/2023, which raised the exemption limit for non-government employees from ₹3 lakh to ₹25 lakh effective April 1, 2023.
- The ruling could set a precedent for similar cases, highlighting the Tribunal's commitment to equity and fairness in tax matters.
Join the discussion — sign up to comment, upvote, and save articles.