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of Nature of receipt - Profits in lieu of salary or capital receipt - Receipt on termination of employment - Taxability u/s 17(3)(iii) - The Tribunal considered precedents and legal principles regarding the taxability of receipts after cessation of employment. It observed that compensation attributable to a restrictive covenant is generally treated as a capital receipt. Based on this, and considering the terms of the agreement, the Tribunal held that the amount received by the assessee was a capital receipt and not taxable under section 17(3)(iii).
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