Opportunity to furnish unsecured-loan confirmations is required before reassessment initiation; proceedings require fresh consideration after taxpayer...
Under-reporting on a first reassessment return attracts penalty, while enhanced misreporting penalty requires proof of a statutory misreporting catego...
Assessee received retrenchment compensation under a government approved and funded BSNL Voluntary Retirement Scheme. Tribunal applied the protection in the second proviso to section 10(10B), concluding such severance falls within tax exemption and therefore does not form taxable income; accordingly no tax was exigible or required to be deducted from the package. On identical factual matrix to a coordinate Bench decision, the Tribunal allowed the appeals for the relevant assessment years and held the retrenchment compensation exempt under section 10(10B).
Assessee received retrenchment compensation under a government approved and funded BSNL Voluntary Retirement Scheme. Tribunal applied the protection in the second proviso to section 10(10B), concluding such severance falls within tax exemption and therefore does not form taxable income; accordingly no tax was exigible or required to be deducted from the package. On identical factual matrix to a coordinate Bench decision, the Tribunal allowed the appeals for the relevant assessment years and held the retrenchment compensation exempt under section 10(10B).
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
