Ravindra Madhukar Kharche v. Asstt. CIT

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The Tax Publishers2024 TaxPub(DT) 1985 (Nag-Trib) IN THE ITAT NAGPUR BENCH S. S. GODARA, J.M. & G. D. PADMAHSHALI, A.M. Ravindra Madhukar Kharche v. Asstt. CIT ITA No. 228/NAG/2023 16 April, 2024 Assessee by: None Revenue by: Abay Marathe (learned Departmental Representative) ORDER *G.D. Padmahshali, A.M.* The present appeal of the assessee is filed challenging DIN & order No. ITBA/NFAC/S/250/2023-24/1053289950(1) dated 29-5-2023 passed under section 250 of the Income-tax Act, 1961 (in short the Act) by National Faceless Appeal Centre, Delhi (in short NFAC), 2. Pithily stated facts of present case are that; 2.1 The assessee an individual and was an employee of Maharashtra State Electricity Generation Company Ltd (in short MSEGCL), a State Government of Maharashtra (in short GoM) owned company, wherefrom the assessee retired on 31/05/2016. Declaring total income of Rs. 44,68,490 with NIL tax liability the assessee filed his original return of income (in short ITR) which subsequently was revised claiming tax refund of Rs. 3,09,000 owning to upward revision of claim of exemption of Gratuity to Rs. 20 Lakhs as against original claim of Rs. 10 Lakhs. The said ITR was initially processed under section 143(1) of the Act and later subjected to complete scrutiny by a notice served under section 143(2) of the Act. 2.2 While framing assessment under section 143(3) of the Act, the learned assessing officer made two additions viz; (a) addition of Rs. 10 Lakhs arising on account of restricting the claim of exemption of gratuity to Rs. 10 Lakhs u/c (ii) of section 10(10) of the Act as against the claim of Rs. 20 Lakhs made in revised ITR. (b) addition of Rs. 21,550 being difference of interest income offered to tax as against the income reported in form 26AS. The assessee did not challenge the disallowances and the consequential additions in appeal. SUBSCRIBE FOR FULL CONTENT

The Tax Publishers2024 TaxPub(DT) 1985 (Nag-Trib)

IN THE ITAT NAGPUR BENCH

S. S. GODARA, J.M. & G. D. PADMAHSHALI, A.M.

Ravindra Madhukar Kharche v. Asstt. CIT

ITA No. 228/NAG/2023

16 April, 2024

Assessee by: None

Revenue by: Abay Marathe (learned Departmental Representative)

ORDER

G.D. Padmahshali, A.M.

The present appeal of the assessee is filed challenging DIN & order No. ITBA/NFAC/S/250/2023-24/1053289950(1) dated 29-5-2023 passed under section 250 of the Income-tax Act, 1961 (in short the Act) by National Faceless Appeal Centre, Delhi (in short NFAC),

2. Pithily stated facts of present case are that;

2.1 The assessee an individual and was an employee of Maharashtra State Electricity Generation Company Ltd (in short MSEGCL), a State Government of Maharashtra (in short GoM) owned company, wherefrom the assessee retired on 31/05/2016. Declaring total income of Rs. 44,68,490 with NIL tax liability the assessee filed his original return of income (in short ITR) which subsequently was revised claiming tax refund of Rs. 3,09,000 owning to upward revision of claim of exemption of Gratuity to Rs. 20 Lakhs as against original claim of Rs. 10 Lakhs. The said ITR was initially processed under section 143(1) of the Act and later subjected to complete scrutiny by a notice served under section 143(2) of the Act.

2.2 While framing assessment under section 143(3) of the Act, the learned assessing officer made two additions viz; (a) addition of Rs. 10 Lakhs arising on account of restricting the claim of exemption of gratuity to Rs. 10 Lakhs u/c (ii) of section 10(10) of the Act as against the claim of Rs. 20 Lakhs made in revised ITR. (b) addition of Rs. 21,550 being difference of interest income offered to tax as against the income reported in form 26AS. The assessee did not challenge the disallowances and the consequential additions in appeal.