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ITAT Pune Allows Gratuity Trust Exemption Despite Technical Error in Return
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taxguruin
Ultra Corpotech P L Employee Group Gratuity Cum Life Assurance Scheme Vs ITO (ITAT Pune)Mistaken Claim u/s 10(23AAA) Instead of 10(25)(iv) – ITAT Restores Matter for Verification- Approved Gratuity Trust Entitled to Exemption – Technical Error in Return Not FatalAssessee, a Group Gratuity Trust approved by CIT on 20.09.2013 & later renewed by PCIT (Central), Pune on 14.10.2022 effective from 23.03.2022, had filed return claiming exemption of Rs.
However, in the return, exemption was mistakenly claimed u/s 10(23AAA) instead of u/s 10(25)(iv).
Assessee contended before Tribunal that exemption u/s 10(25)(iv) does not require Form 10B & that approval for gratuity fund was validly in force.
Tribunal held that income of an approved gratuity fund is clearly exempt u/s 10(25)(iv) & remitted the matter to AO to verify details & allow exemption if found correct.
2021-22 furnished on 31.12.2021 and in the said return exemption u/s.10(23AAA) of the Act at Rs.6,51,82,342/- is claimed.
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