Mohan Shriniwas Bhise vs. Income Tax Officer, Ward – 3, Sangli

Parties Involved

Facts Summary

The assessee, Mohan Shriniwas Bhise, a retired employee of Maharashtra State Electricity Transmission Co. Ltd., filed an appeal against the order of the Commissioner of Income Tax (Appeals) pertaining to Assessment Year 2019-20. The assessee had claimed total income of Rs.12,49,980/- and sought exemption for retirement gratuity and leave encashment. The Assessing Officer disallowed the excess exemption claimed by the assessee for gratuity and leave encashment, and also made an addition for unexplained investment in mutual funds. The Commissioner of Income Tax (Appeals) partially sustained the additions made by the Assessing Officer. The assessee appealed to the ITAT against the order of the CIT(A).…

Legal Issues

• 1. Whether the assessee is entitled to full exemption for retirement gratuity and leave encashment?
• 2. Whether the addition made on account of unexplained investments in mutual funds is justified?

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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  Mumbai Bench benchAY 2015-16Dismissed