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SECTION 10(10A) OF THE INCOME-TAX ACT, 1961 – PENSION

September 21, 2024

Others : Where assessees had joined erstwhile Maharashtra State Electricity Board in year 1980 and they had superannuated in relevant assessment years and they claimed exemption under section 10(10A) and section 10(10AA) regarding their retiral benefits, since in terms of newly introduced Electricity Act, 2003 services of all employees of Board first stood vested in State Government of Maharashtra on reorganization of Board, followed by transfer to various transferee power distribution companies, assessees had to be treated as employees of a State Government duly eligible for benefits of section 10(10A) and section 10(10AA) – Mohan Baliramji Thakre v. Income Tax Officer – [2024] 166 taxmann.com 158 (Nagpur – Trib.)

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