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Issues: (i) Whether the amount received from an approved superannuation fund in 2002-03 was taxable in India under the India-USA DTAA. (ii) Whether the amount received on resignation before the specified age was exempt under section 10(13) of the Income-tax Act, 1961.
Issue (i): Whether the amount received from an approved superannuation fund in 2002-03 was taxable in India under the India-USA DTAA.
Analysis: Article 16(1) was held to govern salary income in respect of employment exercised in the relevant State. The amount was received in India from a former employer and was taxable in the year of receipt. As the services relating to the payment were rendered in India, the treaty did not exclude Indian taxability.
Conclusion: The amount received from the superannuation fund was taxable in India.
Issue (ii): Whether the amount received on resignation before the specified age was exempt under section 10(13) of the Income-tax Act, 1961.
Analysis: Section 10(13) grants exemption only to payments from an approved superannuation fund made on retirement at or after the specified age, or on incapacity prior to such retirement. Resignation before the specified age does not satisfy that condition, and the cited decisions on resignation and retirement were held inapplicable on the language of this provision.
Conclusion: The amount was not eligible for exemption under section 10(13).
Final Conclusion: The advance ruling answered both questions against the applicant and upheld Indian taxability of the superannuation fund payment while denying exemption.
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