Part DCA - Safe Harbour Rules for income referred to in clause (i) of sub-section (1) of section 9 chargeable to tax under the head (From Rule 10TI to Rule 10TIC)
Beneficial interest in superannuation fund assigned or charged may be deemed income if not cancelled in time. An approved superannuation fund rule provides that if an employee assigns or charges his beneficial interest in the fund, the Assessing Officer must notify him to cancel it within two months. Failing cancellation, the consideration received for the assignment or charge is deemed to be the employee's income in the previous year when the fact became known to the Assessing Officer and is assessed accordingly.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Beneficial interest in superannuation fund assigned or charged may be deemed income if not cancelled in time.
An approved superannuation fund rule provides that if an employee assigns or charges his beneficial interest in the fund, the Assessing Officer must notify him to cancel it within two months. Failing cancellation, the consideration received for the assignment or charge is deemed to be the employee's income in the previous year when the fact became known to the Assessing Officer and is assessed accordingly.
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