Is income from pension fund exempt when the profit of the company is taxable u/s 44 of the Income Tax Act?

Last updated: 07 September 2021
Quick Summary
The Income Tax Appellate Tribunal (Mumbai Bench) has ruled that income from a pension fund is exempt under Section 10(23AAB) of the Income Tax Act. This decision follows previous rulings in similar cases, confirming the assessee's claim for exemption. The Tribunal found no reason to deviate from established precedent, meaning the income is not taxable for the insurance company.

Court :
ITAT Mumbai

Brief :
This appeal by the Revenue is directed against the order of Commissioner of Income Tax (Appeals)-20, Mumbai [hereinafter referred to as the CIT(A)’] dated 30.08.2019 for Assessment Year (AY) 2016-17.

Citation :
ITA No. 6725/MUM/2019 (A.Y.2016-17)

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