Invoice-based recovery claims remain time-barred despite separate winding-up proceedings, absent valid acknowledgment or part-payment of the disputed ...
Extended limitation fails without specific suppression allegations, while overseas employee secondment remains taxable as manpower supply within norma...
Time-share accommodation classification excludes Club or Association Service where purchasers receive contractual occupancy rights without genuine mem...
CENVAT credit for trading requires reversal, while taxable-service rental credit remains proportionately available and limitation issues await resolut...
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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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