Functional comparability under TNMM: broadcasters excluded, software distributors included, and no separate interest on receivables after working capi...
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Voluntary retirement scheme receipts were discussed as capital receipts where the scheme expressly treated cessation of employment as voluntary resignation rather than employer-initiated termination. The notes state that voluntary retirement and termination of employment are separately recognised under the Act; therefore, section 56(2)(xi), which covers compensation or other payments connected with termination or modification of employment conditions, did not apply. Consistent Tribunal decisions involving similarly situated employees under the same scheme treated such receipts as capital and not chargeable to tax. The addition under income from other sources was deleted and the assessment was to be modified accordingly.
Voluntary retirement scheme receipts were discussed as capital receipts where the scheme expressly treated cessation of employment as voluntary resignation rather than employer-initiated termination. The notes state that voluntary retirement and termination of employment are separately recognised under the Act; therefore, section 56(2)(xi), which covers compensation or other payments connected with termination or modification of employment conditions, did not apply. Consistent Tribunal decisions involving similarly situated employees under the same scheme treated such receipts as capital and not chargeable to tax. The addition under income from other sources was deleted and the assessment was to be modified accordingly.
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