Transfer-pricing reimbursement adjustments require uncontrolled comparables and cannot become expense-genuineness reviews, resulting in deletion of th...
Food import sampling requirements support provisional release where unseized consignments conform to standards and raw areca classification is unestab...
Diagnostic microcuvette classification follows sole-use analytical function, placing specialised disposable cuvettes with their analyser rather than g...
Customs Broker licensing proceedings fail when their offence-report foundation collapses and authorisation, advisory, and KYC duties remain unbreached...
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The ITAT dismissed the appeal of the assessee, upholding the order of the CIT(A) treating the severance compensation as taxable "profits in lieu of salary" under s.17(3) of the Income-tax Act. It was conclusively found that the payment by the employer was neither voluntary nor gratuitous, but directly linked to services rendered prior to cessation of employment. No evidence was produced to establish that the amount was compensatory for loss of employment in the capital field or in the nature of a capital receipt. In view of the specific statutory inclusion under s.17(3)(iii) and the absence of any contrary material, the ITAT held that the severance pay constituted taxable income under the head "Salaries." All grounds raised by the assessee were rejected and the addition was sustained.
The ITAT dismissed the appeal of the assessee, upholding the order of the CIT(A) treating the severance compensation as taxable "profits in lieu of salary" under s.17(3) of the Income-tax Act. It was conclusively found that the payment by the employer was neither voluntary nor gratuitous, but directly linked to services rendered prior to cessation of employment. No evidence was produced to establish that the amount was compensatory for loss of employment in the capital field or in the nature of a capital receipt. In view of the specific statutory inclusion under s.17(3)(iii) and the absence of any contrary material, the ITAT held that the severance pay constituted taxable income under the head "Salaries." All grounds raised by the assessee were rejected and the addition was sustained.
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