Section 2(24) & 10(24) of the Income Tax Act, 1961 – Exemption – Tribunal was not justified in denying Exemption merely on the ground that amount credited into bank account was not shown in the audited books of account and balance sheet as on 31-3-2009. Once the factum of Settlement is not disputed coupled with the factum of receipt of a particular amount from the company and as observed by the AO in the assessment order that the amount has been distributed amongst the employees, the case would squarely stand covered under section 10(24)– Gujarat Rajya Iamdar Sabha Union Machiwadi vs. Income tax Officer [2020] 312 CTR (Gujarat) 313